Bitcoin’s indicators show that it is not experiencing late-cycle euphoria. A mid-cycle supply rotation is underway, resulting in a rise in short-term holders as more dormant coins are becoming active.
The supply of long-term holders has fallen to 14.54 million BTC, while short-term holders have increased their supply to 2.4 million BTC, a 7.96% rise, demonstrating shifts in market confidence.
Despite the activation of dormant coins, Bitcoin has maintained its value, trading above 120,000 USD. The rising trend suggests a healthy demand and potential for the next bullish phase.
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