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Showing the capital rotation from longer term investors to newer investors in the Bitcoin market.
This chart uses data from the Realized Cap HODL Waves chart.
It compares the realized cap (capital) held by <1 month-holders against the 1-2 years holders. Historically, this has highlighted that realized cap among newer investors, <1 month, tends to peak around price cycle tops. Whereas longer-term holders realized cap peaks in the bear markets as these longer-term holders accumulate during those times and then look to sell as price climbs higher.
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