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Bitcoin spending copies history as metric flags ‘1st stage bull market’

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Long-term Bitcoin holders are back in action as $BTC prices surge, reaffirming classic bull market behaviors.

Bitcoin long-term holders are coming back to life as BTC price increases, the latest analysis confirms.on July 13, Philip Swift, creator of on-chain data resource LookIntoBitcoin, revealed classic bull market behavior among “older” BTC investors.Bitcoin’s current price cycle may be dividing opinions when it comes toThanks to BTC/USD more than doubling in 2023, on-chain spending velocity is up, indicative of profit-taking activity.

“Increased onchain spending volume showing where we are in the cycle right now,” part of an accompanying Twitter commentary stated.Coin Days Destroyed metric “It is able to highlight when older coins begin to rapidly enter the market to be sold,” Swift explains in an instructional guide on LookIntoBitcoin.

The VDD Multiple currently measures 1.32, narrowly behind its 2023 peak of 1.37 seen in April. For Swift, this is a telltale sign of a “1st stage bull market.”, Checkmate, lead on-chain analyst at data firm Glassnode, called the findings “remarkable.”

 

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Bitcoin’s current price cycle may be dividing opinions when it comes to how high BTC’s price could go, but one thing is for sure: Hodler behavior is the same. Thanks to BTC/USD more than doubling in 2023, on-chain spending velocity is up, indicative of profit-taking activity.

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