en.bitcoinsistemi.com
Cryptocurrency analyst Axel Adler has shared a striking analysis of Bitcoin's long-term investor behavior.
According to Adler, a significant decline in long-term investor (LTH) supply began when the Bitcoin price reached $118,000. The analyst noted that a decrease of approximately 52,000 BTC has been seen so far, and interpreted this as a shift by long-term investors toward distribution rather than accumulation.
Adler argues that this shift in balance replicates the long-term investor pattern seen when Bitcoin rose from $65,000 to $100,000 in the fall of 2024. According to the analyst, this distribution process will accelerate as the price rises, as it has in previous macro cycles.
Another notable element in Adler's assessment was volatility. Bitcoin's quarterly volatility has fallen to 70%. This rate is very close to the local low of 62% seen at $26,000 in September 2023. Adler stated that this low volatility is an indicator of large capital entering the market, making Bitcoin a “slower” asset. The highest volatility seen this cycle was 143%, while in previous cycles, this rate had reached as high as 236%.
*This is not investment advice.