Long-term bitcoin holders have sold more than 400,000 bitcoin over the last 30-days, representing almost 2% of the total supply.
Bitcoin is in a material supply distribution phase and the price is still holding strong above $100,000.
Discussion
The fact that the market can absorb this amount of sell pressure without nuking 30-50% is the signal here.
Should this say sold, or moved on chain... Big difference.
This has always been a shortcoming of on chain analytics obviously, but it rarely gets discussed.
Which makes it useful more as a directional indicator
Paper Bitcoin or real onchain Bitcoin?
That's why when we make our onboarding workshops, we never talk about bitcoin price. That's the main thing with NgU narratives, don't expect otherwise because you thought people to buy/sell in frametimes.
Something to keep in mind.
Everyone plays their part.
I think it's more like transferring not actually selling. 400k is indeed a huge number but 1 Bitcoin in cold storage of a pleb equals 1 Bitcoin in Black rock possession.
Bye Felicia
So, it was always about ngu then?
Those are NSA and CIA black opp wallets selling π€· price suppression and operation funding = two birds with one stone
I can't figure out why anyone would sell their Bitcoin. π―
What the difference between holding $10billion of Bitcoin and $100 billion in Bitcoin?
Basically nothing from a material perspective but 4 years of your life you will never get back.
Bill bro π
Because they aren't true Bitcoin Maximalists that don't believe in HODLing! They're buying/selling Bitcoin short-term and treating it like just another shit-coin. Sad really!
What a Fucking mess we are in at the moment!! Nobody has a f clues as to what is going on!!