Summary
TLDR: Bitcoin’s current bull market run is one of the most robust in history, with minimal price corrections compared to past cycles. Long-term holders have been selling their coins as Bitcoin approaches its previous all-time high, but new investors are buying in at higher prices, indicating the bull market is not over yet. On-chain data suggests that the current ATH break is similar to previous ones, with Bitcoin still showing strong potential for further growth.
Key Points
1. Bitcoin’s current bull market run is one of the most robust in history, with minimal price corrections compared to past cycles.
2. Long-term holders have been selling their coins as Bitcoin approached its previous all-time high, with significant outflows from the Grayscale Bitcoin Trust (GBTC).
3. Despite recent selloffs triggering a brief pause in the market, on-chain data suggests that the bull market is not yet finished, with large inflows of capital driving up Bitcoin’s “realized cap.”