This influential group of market participants is not selling Bitcoin holdings as aggressively as during previous bull runs.
"This cycle marks some clear differences from previous ones. While long-term holders are selling, it's less aggressive than in past bull peaks," the firm said. Michael Saylor's MicroStrategy Stock Eyes Epic Milestone in Next Two Daysthat long-term Bitcoin holders were aggressively"stacking up" coins. Their net position took only a minor dip when the cryptocurrency approached a new record high last week.
The leading cryptocurrency is currently trading at $67,958 after dipping by 0.7% over the past 24 hours. According to IntoTheBlock, 93% of all Bitcoin holders are making money at current prices. According to data provided by IntoTheBlock, a whopping 71% of all Bitcoin holders continue to hold the largest cryptocurrency for more than a year.
Polymarket bettors still see a 74% chance of Bitcoin hitting a new record high this year. The cryptocurrency is currently 8% away from reaching its lifetime peak which was achieved back in April.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.