Analyst: Long-term Bitcoin holder share hasn't peaked, market still early in bull cycle
- —Historically, strong rallies followed declines in the share of coins held 18+ months
- —No such decline is visible now, suggesting the market is early in the cycle
- —Retail interest in crypto remains low, with most investors still on the sidelines
Why it matters: If the thesis holds, bitcoin still has room to run and the current pullback is not the end of the cycle.
Source: Bloomingbit