BTC wants to hit $60,000 again. How long will this bull market last?

OKX:http://ok.b615.com/6/

Although the current trend of BTC will not completely copy the history, considering the global water release, major traditional financial institutions actively build bitcoin trading and payment channels for companies, high-net-worth individuals and retail investors. For example, Visa announced that it would allow cryptocurrency to pay for settlement, PayPal launched cryptocurrency settlement service, Morgan Stanley provided bitcoin fund investment for institutions and high-net-worth users, and General Motors considered using bitcoin as a payment method. In addition, many popular track star projects will be launched one after another in April, so many people in the circle have good expectations for April, thinking that from April, there will be a new round of harvest season in the circle, and the data on the chain is also supporting this view.

The latest weekly report published by Glassnode shows two major messages. One is that the long-term holders of BTC have greatly reduced the speed of BTC's lightening, and the other is that the new HODLer is becoming more and more mature and tends to hoard rather than sell.

Coin Days Destroyed, CDD) is considered as an indicator to measure long-term currency holders. The principle is that if BTC is not moved for a day, it is counted as a currency day. When it is moved, the accumulated currency days will be reset to zero or "destroyed". The number of coins destroyed in any transaction is equal to the number of coins moved in this transaction multiplied by the number of days that these coins have not been moved.

Therefore, when long-term holders reduce their positions in BTC, the trend will increase, as shown in the red area in the figure below. If long-term holders hold BTC, the trend will decrease, as shown in the green area in the figure below.

The CDD indicator shows that in the past three months (in the green area), long-term currency holders have greatly reduced the frequency of lightening their positions, especially recently, and the CDD indicator has even returned to a level similar to the baseline in the early bull market in 2020.