Bitcoin Holders Resist 65% Annual Price Increase

As reported today by Bitfinex Alpha, #Bitcoin's impressive annual gain of over 65% is fueling the bullish trend in the crypto market. Long-term holders (LTHs) of the digital asset are showing determination, as evidenced by the declining Coin Days Destroyed (CDD) metric that measures the economic activity of the Bitcoin network.

The study also highlighted low sell-side liquidity and a decrease in selling activity among large Bitcoin holders with 1,000-10,000 BTC in their wallets. This suggests that these investors either expect further price gains or are comfortable holding their Bitcoins for longer periods of time. The Output Value Bands Spent (SOVB) metric for these wallets is declining, indicating decreased activity and potentially bullish market sentiment.

In contrast, smaller Bitcoin holders with 10-100 BTC in their wallets are contributing to the selling pressure. However, this pressure has had limited impact recently and is consistent with the early stages of a bullish market. The SOVB metric for these wallets shows an increase, indicating an increase in sales activity.

#Binance's recent offer of $100 free and discounted fees may encourage more trading activity in the market. Despite these offers and increasing selling pressure from small holders, the Bitcoin market remains strong and resilient, demonstrating belief in its value proposition and future potential.

Overall market patterns are consistent with the early stages of #bullish markets and suggest that large Bitcoin holders can expect further price gains or are prepared to extend their holding periods. This is consistent with the early stages of a bullish market and reflects optimism about Bitcoin's future potential.
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