Bitcoin has fallen below the $30,000 mark again, disappointing short-term holders who bought during the recent bull run. This unpredictability may be causing investors to go long-term on the coin, as the total Bitcoin supply held by long-term holders has reached an all-time high of 14.5 million BTC. The Spent Output Profit Ratio (SOPR) for short-term holders was close to 1, indicating minimal to no progress for most. However, Bitcoin may be closer to the bottom than the top, as the SOPR ratio was relatively low at 1.38. Long-term holders are the market's "strong hands" and their supply of Bitcoin had been increasing, but fell in February and March, possibly contributing to the asset's price drop. Bitcoin is currently trading at $29,946.
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