Crypto Dan
BTC - short term investors took large profits
In relation to this adjustment, if we look at the SOPR, there was a big movement related to profit realization by short-term holders who held BTC less than 5 months. On March 13, this SOPR on-chain data showed a movement that was believed to be a profit taking similar to the peak of the past bull markets. This movement is something that only happens once every few years, but considering the BTC spot ETF and potential additional inflows from institutions and individuals, it is difficult to judge it as simply a signal of the peak of a bull market. After a short-term correction period, it's very likely that we will see a strong further bull in 2024.