The current crypto market shows a shift of capital from long-term holders (LTHs) to short-term holders (STHs) as the price of BTC increases. LTHs tend to take profits at the top, while STHs are FOMO-driven to buy.

- Orange peaks indicate maximum speculation, usually at cycle peaks.

- Blue areas indicate accumulation by LTHs, often in bear markets.

In 2024, while speculation has increased, it has not reached the extremes seen in 2017 or 2021. Is this just the beginning? Optimism for BTC remains high despite the challenges facing the crypto market.