
c4
@ac4
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According to glassnode's REALIZED PROFIT stats, between November 2024 and January 2025, STH (short-term holders) cashed out 56% of the profits, LTH 42%; and during the March 13-March 25 rally, LTH cashed out 70% of the profits, while STH cashed out only 10%.
But LTH supply and STH supply statistics show that from the end of last year to the beginning of this year, it was the stage of LTH changing hands to STH; and after the fall in March, STH was cutting meat, while LTH turned to increase its holdings.
Long-term holders' chips are inherently a double-edged sword in a bull market. LTH is often seen as a market stabilizer because of its long chip-sinking cycle and resistance to volatility. However, when a bull market enters the mid-to-late stage, LTH's cash-out behavior often becomes the trigger for a price pullback. 0 reply
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