GlassNode.<\/span><\/span><\/strong><\/a><\/p>\nThis <\/span><\/span>increase<\/span><\/span><\/strong> is supported by <\/span><\/span>monthly capital inflows<\/span><\/span><\/strong> exceeding <\/span><\/span>$79 billion<\/span><\/span><\/strong>, indicating a strong <\/span><\/span>flow of capital<\/span><\/span><\/strong> into Bitcoin.<\/strong><\/span><\/span><\/p>\nHowever, as <\/span><\/span>Bitcoin price<\/span><\/span><\/strong> consolidates <\/span><\/span>below<\/span><\/span><\/strong> the recent <\/span><\/span>all-time high<\/span><\/span><\/strong> of $73,000, <\/span><\/span>long-term investors<\/span><\/span><\/strong> have entered a <\/span><\/span>distribution phase<\/span><\/span><\/strong>.<\/span><\/span><\/p>\nThis is reflected in the <\/span><\/span>sale of their holdings<\/span><\/span><\/strong> to <\/span><\/span>new investors<\/span><\/span><\/strong> seeking <\/span><\/span>to enter the market<\/span><\/span><\/strong> at higher prices.<\/span><\/span><\/p>\nIn fact, more than <\/span><\/span>44% of the<\/span><\/span><\/strong> network’s wealth is now held by <\/span><\/span>coins less than three months old<\/span><\/span><\/strong>, suggesting a <\/span><\/span>significant redistribution<\/span><\/span><\/strong> of wealth on the network.<\/span><\/span><\/p>\n<\/p>\n
Bitcoin volatility is on the rise, reflecting typical trends of macro cycles<\/span><\/span><\/h2>\nThis is evidenced by the increase in <\/span>90-day<\/span><\/strong> realized <\/span><\/span>volatility<\/span><\/span><\/strong>, which has nearly <\/span>doubled since October 2023<\/span><\/strong>.<\/span><\/span><\/p>\nLastly, <\/span><\/span>supply dynamics<\/span><\/span><\/strong> show a shift in <\/span><\/span>market sentiment<\/span><\/span><\/strong>, with a <\/span><\/span>narrowing gap<\/span><\/span><\/strong> between <\/span><\/span>long- and short-term investor supplies<\/span><\/span><\/strong>.<\/span><\/span><\/p>\nWhile <\/span><\/span>long-term investors<\/span><\/span><\/strong> are <\/span><\/span>distributing their holdings<\/span><\/span><\/strong>, <\/span><\/span>short-term investors<\/span><\/span><\/strong> are <\/span><\/span>absorbing this distribution pressure<\/span><\/span><\/strong> and <\/span><\/span>acquiring more BTC<\/span><\/span><\/strong> from the secondary market through exchanges.<\/span><\/span><\/p>\nThe report provides a comprehensive view of the <\/span><\/span>current state<\/span><\/span><\/strong> of the <\/span><\/span>Bitcoin market<\/span><\/span><\/strong>, highlighting the <\/span><\/span>abundance of liquidity<\/span><\/span><\/strong>, <\/span>investor <\/span><\/span>behavior patterns<\/span><\/span><\/strong>,<\/span><\/span><\/strong>