Since I mentioned the data is pretty grim, it’s definitely not just the exchange reserves looking bad. Another set of data representing long-term holders isn’t looking great either. The proportion of investors holding for over one year has dropped from the historical high of 61.52% on June 20 to the current 58.99%. Although it seems like just a 1.53% decrease, keep in mind that the lowest point in the past year was 58.37%, back when bitcoin:native was still at $90,000. Additionally, the number of Bitcoin held for over six months without moving has dropped from the peak of 15 million coins to 14.769 million. This means over 230,000 Bitcoins that were originally held long-term have now shifted to short-term holdings. In simpler terms, the market now has 230,000 BTC that weren’t circulating before. Out of this, 130,000 BTC have already entered exchanges, while another 100,000 haven’t been detected entering exchanges yet. So purely from the data perspective, things aren’t looking very favorable for Bitcoin right now. That said, I personally will still stick to buying Bitcoin around $60,000 using dual-currency strategies to bottom-fish. @Gate Crypto, U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all in one platform!