Crypto Dan
"The Bull Cycle Is Slow but Still in Progress"
In past cycles, the latter stages of a bull market coincided with a sharp decline in the share of long-term held BTC (especially those held for over one year). This occurred as older BTC were sold, new capital flowed in, and liquidity entered the market. Once this decline in long-term holdings reached an inflection point, the market transitioned from a bull cycle to a bear cycle (orange box). Currently, the proportion of BTC held for more than one year is decreasing slowly, indicating that the market has not yet reached its peak. In conclusion, the current market is progressing slowly within the bull cycle, but there are no signs of an imminent end. In fact, a strong upward move may be just around the corner.