Leading up to the approval of spot #ETFs in January, speculation surged, leading Long-Term Holders (#LTH) to either cash out for profit or reallocate their holdings into new #ETF products. This resulted in a significant decrease in LTH supply balance by approximately 299.5K #BTC since November, from a peak of 14.996M BTC. Notably, analysis of #GBTC flows, with around 661k BTC inflow and 151.5K #BTC outflows in 2021, suggests that remaining #LTH supply, totaling 148K #BTC, is being spent by investors. This trend aligns with previous research indicating LTHs begin distributing their holdings as the market approaches all-time high prices.

#Write2Earn #PIXEL