Take a look at BTC Realized Cap Hodl Wave 🤔

Source: Bitcoin Magazine Pro

While 2~3y holder ratio of BTC(Bitcoin) Realized Marketcap has not aligned with each cycle's ATH(All Time High), in the previous 3 cycles, you can see that BTC stsrted rising as soon as the ratio increasing. Since this Jan, the current 2~3y holder ratio has been rising.

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I've been thinking about this reason 🧐 2~3y holders are different from 4y long-term investors with respect to risk tolerance.

They might think 'Since it seems that BTC has had enough price corrections, I start accumulating BTC. It's impossible to predict ATH, precisely. So, if BTC goes up somewhat, I'll sell it'. Then, if a cycle is getting mature more and more, 2~3y holder ratio will decrease more and more before ATH. That's my assumption 🧐

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It's notable whether their view will match next ATH. If they're right, the winter is over. Spring 🌱 already started.