A pattern in the holdings of the Bitcoin long-term holders may suggest that the current bull run is 40% of the way to completion.
Bitcoin Long-Term Holders Have Been Distributing Recently
In a new post on X, Glassnode lead analyst Checkmate discussed the recent behavior of the long-term Bitcoin holders. The “long-term holders” (LTHs) here refer to the BTC investors who have been holding onto their coins for over six months.
Statistically, the longer an investor holds onto their coins, the less likely they become to sell them at any point. Since the LTHs hold for significant periods, they are considered quite resolute.
And indeed, they display this resilience in their behavior, rarely selling despite whatever is happening in the broader market. As such, the times they sell are all the more noteworthy.
Historically, the LTHs have taken to distribution during bull runs when the asset has broken its previous all-time high (ATH) price. Due to their long holding times, these
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