Bitcoin's Mean Dollar Invested Age Line No Longer Moving Down, Threatening a Halt to the 3-Month Crypto Bull Cycle
💸 In anticipation of the #BitcoinETF approvals that finally went through last Wednesday, large #Bitcoin wallets were moving older coins at a high rate, pushing the average age of coins sitting in their wallets down significantly. A decline of the mean dollar invested age line for any asset implies that there are more tokens being moved back into regular circulation, and giving a higher degree of confidence to the presumption that the network is in a bull cycle. And if that network is Bitcoin, then of course, all of crypto can benefit from this circumstance, just as we saw from mid-October to early January.
There are mild signs that this continued movement of older coins is finally done for the time being. This would increase the likelihood of #crypto's #bullcycle finally halting for now.
With this said, a few large whales could move a large number of coins, further pushing down the $BTC mean dollar invested age curve and create another wave to test $45K & perhaps $50K once again. Watch the top cap mean dollar age lines here to see when another big drop in average days will signal a minor or major price breakout is upcoming.
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