Long-term holder supply has increased by 400k BTC since November 23rd.
LTH behaviour changed post-ETF, as clearly seen in the supply structure (first image). Zooming in on the two previous LTH supply drawdowns (Yen carry & Liberation Day tariffs). The bottom had already occurred by the time LTH supply started increasing (second image).
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Long-term holder supply has increased by 400k BTC since November 23rd.
LTH behaviour changed post-ETF, as clearly seen in the supply structure (first image).
Zooming in on the two previous LTH supply drawdowns (Yen carry & Liberation Day tariffs).
The bottom had already occurred by the time LTH supply started increasing (second image).