Reasons why #Bitcoin create a correction after missive up rise. From $65k to $46k
So many people that kept coin for 1 - 3 years sold it.
155-days ago it was early November 2020, and price was rallying from $16k up to the $18k consolidation before breaking last cycles all-time-high.
We can observe these changes in coin proportions in various age brackets using the Realised Cap HODL waves. This metric will show colour bands increasing in thickness as coins mature or are spent into different age bands. We can see in the chart below that the proportion of coins maturing from 1-week to 6-months old has been growing since Nov-2020. These are coins accumulated in the early bull market that have remained dormant since (blue arrows).
Currently the age band for 3m-6m in particular is swelling suggesting many coins are approaching the 155-day Long Term Holder threshold indicating strong conviction to HODL.
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