The volume of transactions (transactions) on BTC is now two times higher than the peak of the bull run in 2021. And - at historical highs.#checkochaindata shows this.
This indicates active redistribution at current highs. And, as we know, it is largely large players and, in particular, institutions that are buying.
At the same time, on-chain activity in the network as a whole is far from being at its maximum. And this allows us to draw parallels not with the peak of the bull run of the last cycle, but with the consolidation of 2019. Active addresses show an increase of only 13% during the period of price growth from $40,000 to $73,000. For comparison, in 2020-2021, at the peak of the bull run, this growth was 58%.
Which, in turn, allows us to ask the question: are users selling their#BTCas profitable as they think?
