Finally, from the data of long-term holders who have held positions for more than a year, it can be seen that long-term holders have been shifting from distribution to holding positions. Historically, this data has never been wrong, and if it is correct this time, it indicates that we are already at the tail end of the upward trend.

However, from historical data, the current phase of excess shows that the decline in Bitcoin prices is slow and continuous. It is only when the holdings of long-term holders return to a peak that the relative price is at its lowest.

Of course, there is a significant difference in this cycle, which is that a large number of holders have shifted from Bitcoin-based to spot ETF-based. The trend of long-term holding in ETFs is relatively more pronounced.

To put it simply, it may not necessarily be the bottom right now. But when this bottom will come, or whether it will come, is uncertain, especially since, apart from macro data, Trump's policies are also changing market trends.

This tweet is sponsored by @ApeXProtocolCN | Dex With ApeX

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。