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Bitcoin (BTC) Long-Term Holder Distribution Begins, Watch Out for the Bears

After hitting its all-time high of $69,000 earlier this week, the world’s largest cryptocurrency Bitcoin (BTC) has been moving sideways. As of press time, Bitcoin is trading 1.75% down at a price of $63,823 with a market cap of 1.203 trillion.
Some on-chain metrics show that long-term BTC holders have started with profit-booking and distributing their coins for the first time in six months. Sharing the graph of Long-Term holder distribution, popular crypto analyst Will Clemente explains:
Long-term holders buy BTC into weakness and sell into strength. We’ve just gotten our first red prints on LTH net position change in over 6 months, showing bull market distribution has begun.
Courtesy: Glassnode
On the other hand, the Bitcoin funding rate for long futures position has also calmed down across the board. This could be a sign of the slowdown in the bullish momentum going ahead. Another popular journalist Colin Wu explains that short-term holders resolved to profit-booking on Friday pu

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