Changes in turnover among long-term Bitcoin holders
The recent 24-hour fluctuations in BTC on the chain finally look a bit like a bull market. Last night, with the support of CPI, the price of BTC rose well, and more than 70,000 BTC changed hands. This is almost the level of a year ago. You must know that on this day last month, it was still fluctuating between 120,000 and 140,000.
Nearly 180,000 BTC were traded today, but the focus was still on investors who held positions in the past week. Earlier profitable and loss-making investors still did not participate too much in the turnover. The turnover rate of investors with a holding cost below US$60,000 was only 7.7% of the total circulation on that day, and the turnover rate of investors with a holding cost above US$66,500 was only 3.4% of the total circulation on that day. Early investors are still indifferent to the current price.
In the past month, the high point was 67,000 US dollars and the low point was 56,500 US dollars, with a gap of more than 10,000 US dollars, but the holdings of early investors have not decreased significantly, especially the holdings of investors in the range of 63,000 US dollars to 68,000 US dollars have not only not decreased but also increased by nearly 300,000 BTC. This is why I have been emphasizing that around 65,000 US dollars is the support of current holders. As long as these investors do not leave the market in large numbers, the price decline will be limited.
Not only the current support level, but also the first three support levels have seen very limited BTC exit in the past month. More investors are still betting that after this year’s halving, there may be a surge like the one in 21 years. Therefore, even if the macro sentiment has adjusted, most investors are still waiting patiently.
The only difference this time is that the range of US$60,000 to US$63,000, which was previously in a vacuum zone, has now shown signs of higher holdings. However, this group of investors has not experienced a long period of cleansing, and it is not certain whether they will stay. After all, most of them are investors who have held positions in the past week.
Judging from the inventory of exchanges, there were about 13,000 in stock yesterday, but thanks to the CPI data, we can see that as of today, the lowest BTC inventory value in nearly six years has been refreshed again, indicating that yesterday's purchasing power was very strong. In fact, it can be seen from today's BTC spot ETF data, but I don't know how long this purchasing power can last.
Current market situation:
Retail investor psychology:
Since it’s all a Ponzi scheme, just go all in on the meme. I don’t want to hear any nonsense from the project party.
Institutional Psychology:
When the low-priced chips rebound, I will sell them by smashing the market. I can make several times the profit no matter how I smash the market.
Project Party:
As long as someone dares to take over, we can't wait to sell the project to you (after all, we have been working on this for so long, there must be some return)
Finally, value coins have no bottom and have been falling. The meme sector has emerged as a new force, and the market has fallen into a stage where no one is willing to take over.
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