Due to the premature push of spot ETFs, the distribution process of this cycle is indeed not as smooth or seamless as before. If the spot Bitcoin ETF had not been launched, based on historical cyclical trajectories, it should have followed the same pattern as past cycles. However, this is no longer important, as the latter stage of the great bull market has already arrived.
Since early entrants have started to offload their positions, new investors are naturally stepping in to take over. This chart is easier to understand; those who have held Bitcoin for less than a month are the most active group in the market. Their share of the market is bound to rise in sync with Bitcoin's price. The fear of market measures will drive these individuals to rush in one after another. This group is very keen on short-term speculation and skilled at buying high and selling low. Their increased activity is the best proof of the formation of the Bitcoin bull market.
