Long-term BTC holders retain (or sell very cautiously), while short-term holders accumulate.
Such data for the last few months is provided by the infographic from #Glassnode. Where the distribution of value over time of holding coins is visualized with colored layers.
In this cycle, the share of only the 2-3 year and 1-2 year holder categories has significantly decreased. The first began to decline in the spring of 2024. The second - even since the spring of 2023.
Coins held for 3-5 years remain stable, indicating a growing confidence among long-term investors, despite the price at ATH and the ongoing redistribution of coins.
At the same time, over the past few months, the share of holders from 1 day to half a year has been actively increasing. If we look at the history in the infographic - such spikes of influx of this 'fresh blood' occurred in the spring of 2024 in this cycle and at the beginning and end of 2021. That is, these are local or global peaks of growth. And moments when these categories were the outgoing liquidity for the 1-2 year and 2-3 year categories.
The growth of short-term activity and the stable position of long-term holders indicate the confidence of market participants and the absence of panic selling during corrections. About the ongoing distribution, which will continue for some time and will not end here and now. The market will only start to go into correction of the entire bullish movement when the absolute majority believes in eternal growth. Many have already forgotten (and newcomers do not yet know) what this is like. But we predict that the next six months will show.