It's about to rebound. I can have a good weekend this week.
On July 15, Bitfinex released a report stating that a positive market driver is the almost continuous Bitcoin selling pressure from long-term holders (LTHs) that appears to have subsided, with the supply of long-term holders rising from 16.2 million bits in January. The currency is stable at approximately 14.8 million Bitcoins. Stabilizing supply indicates reduced selling pressure.
Indeed, as the supply of long-term holders stabilizes, the focus inevitably turns to short-term holders (STHs), whose supply has increased significantly since January and stabilized at approximately 4.8 million Bitcoins. This increase in the supply of short-term holders is primarily due to new investors entering the market through ETFs and trying to hunt the bottom during the last correction.