The Activity of Normalized Addresses for #Bitcoin dropped from 60% (the level at which the ATH of $124,000 was formed) to 30%. This reflects a cooling of transactional intensity and, consequently, a weakening of short-term supply: fewer coins are being moved on-chain and selling pressure has decreased.
At the same time, the annual NAA rose from 30% ( at the level of $80 thousand ) to 40%, indicating that, in recent months, the group of holders willing to take profits at higher prices has expanded. For comparison, the peak of selling activity in this cycle was recorded in September 2023, at 85%
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