Bitcoin Demand Hits Three-Year High: Are We Seeing a Repeat of the 2015–2018 Bull Run?
ATH Followed by a Crash
Earlier this week, Bitcoin reached a new all-time high (ATH), briefly surpassing $108,000. However, the cryptocurrency has since undergone a correction, now trading below $96,000. This decline is attributed to short-term profit-taking, but it does not diminish Bitcoin’s long-term potential, which continues to attract investor attention.
Bitcoin Changing Hands: Current Market Trends
Medium-Term Holders Lead Profit-Taking
Investors who have held Bitcoin for 6 to 12 months are currently driving profit-taking trends. These medium-term holders have accumulated BTC during previous cycles and are now seizing the opportunity to realize gains.
This behavior mirrors the 2015–2018 bull market, where the Spent Output Profit Ratio (SOPR) remained below 2.5 for an extended period before culminating in a euphoric bull run.