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Bitcoin completes short-term holders and miners sell-off, CryptoQuant: Bull market far from over

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Bitcoin completes short-term holders and miners sell-off, CryptoQuant: Bull market far from over

Foreign media cited an analysis report released by CryptoQuant recently, indicating that due to significant differences in many price indicators compared to the peak of the previous bull market, they believe the bull market is far from over.

Bitcoin Short-Term Holders, Miners Selling Off

CryptoQuant pointed out that traders sold Bitcoin for the highest profit since May 2019 last week, indicating that short-term Bitcoin holders cashed out after BTC hit a new high.

In addition, large Bitcoin holders have also been selling off, with a total of 567,000 Bitcoins transferred when BTC hit a historical high on March 12, accounting for 35% of the total Bitcoin network transfer volume.

CryptoQuant stated that some of these large holders are Bitcoin miners.

The Crypto Bull Market Is Far From Over

CryptoQuant also found that although the Unrealized Profit Ratio briefly surged to the highest level since the 2021 bull market at 69% and Bitcoin experienced a week of decline, the Unrealized Profit Ratio still remains at a high level of 47%.

This leads them to believe that the bull market is far from over.

Furthermore, currently only about 48% of the funds flowing into Bitcoin come from short-term holders, a figure that would typically be around 84%-92% during a true bull market cycle.

The trend in "Coin Days Destroyed" (CDD) highlighted by CryptoQuant platform author Yonsei_dent indicates that Bitcoin is transitioning from long-term holder to short-term holder mode, similar to the trend in the second half of 2020.

All signs point to the bull market potentially just getting started.

Note: CDD refers to the number of days a specific amount of Bitcoin remains between two transactions.