Part 7/13:
Many investors remain perplexed by on-chain data. The speaker clarifies that current cycle patterns still fit within the historical trend, despite early timing and higher peaks, which are now less pronounced in terms of retracement depth. This suggests that the current bull market isn't over; instead, it might extend longer than previous cycles.
Importantly, the Bitcoin halving currently influences supply reduction, but ETF activities have significantly altered the traditional dynamics. Contributing factors include:
- Long-term holder behavior: Data shows that more than 50% of Bitcoin has not moved in over three years, indicating strong conviction among holders who endured market volatility.