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Bitcoin’s on-chain data shows that no bull market has peaked at $ 60k, sales decreased according to Cointelegraph.


Bitcoin on-chain data shows that no bull market has reached $ 60k, sales are declining.

For the first time in (BTC) the market goes up, not just long-term investors but also the short-term speculators, who often exert additional daily selling pressure at the end of a market cycle, increasingly trust the higher price level as they hold their Bitcoin.

This only adds to the already existing supply shock. If demand remains strong, here is a formula for increasing the price of BTC.

Bitcoin sales are falling again

Bitcoin: HODL Waves. Source: Glassnode

Reflecting the actual value in the HODL wave is very important

Bitcoin cycle peaks tend to form around the short-term activity peak

Bitcoin: Wave HODL Cap is done. Source: Glassnode
Bitcoin: Practical Limits HODL Wave 1d-1m. Source: Glassnode

Bitcoin sales versus holding period is quite low

Bitcoin’s spending behavior versus its low market cap

Bitcoin: Entity-regulated hibernation stream. Source: Glassnode

This is Bitcoin rocket fuel