Glassnode analyst @_Checkɱate posted on social media X, stating that this Bitcoin ATH (all-time high) breakthrough looks almost identical to all previous ATH breakthroughs. Long-term holders are starting to use new inflows of demand and liquidity to spend their tokens, smartly buying low and selling high.

In the first two bull market cycles, new demand for Bitcoin was able to absorb the selling of LTH (long-term holders) in about 6-8 months, while also pushing up prices multiple times. If you consider the current typical LTH supply decline of 14%, then about 40% of this process has already been completed (approximately).

The distribution of LTH supply for spot Bitcoin ETFs and GBTC during the Bitcoin ATH breakthrough process is exactly the same as before. According to calculations, GBTC accounts for about 25% of LTH spending, while ETF demand accounts for about 40% of net capital inflows.