Yonsei_dent
<If ‘changing hands’ of BTC is gradually completed in 2024 like 2020...>
The Supply Adjusted Dormancy🟠 (30MA) is an indicator that calculates the average time required for each coin based on the time when BTC was last transferred. What is noteworthy is that the hands holding BTC are actively changing. The fact that Dormancy remains high means that someone is buying LTH's BTC. The point is that the movement of the price and Dormancy are quite similar to those in 2019 when the market went from the bottom🟥 to the recovery period🟩. Although 2020 showed a bore sideways movement (excluding the COVID-19 shock period), it is confirmed that a huge portion of BTC supply was transferred to STH as the Dormancy indicator decreased overall. Of course, we cannot make a hasty conclusion, but new demand was slowly flowing into the market at that time. 🔔As the end of 2023 approaches, the Dormancy also shows lower values than before. If things proceed similarly to 2019-2020, I think it will be a constructive phenomenon in the long term, even if the sideways price trend lasts longer.