Profit-Taking From Old Bitcoin Whales Lasted For 18 Months In Previous Cycles
CryptoQuant CEO has observed a pattern where old whales engage in profit-taking during bull cycles. This selling brings in fresh capital to accumulation addresses, which are defined by specific criteria and represent long-term HODLers.
Chart analysis using the Realized Price metric for Accumulation Addresses suggests that these HODLers were buying and driving up the average cost basis as prices rose. This corresponds to profit-taking from other market participants.
In previous cycles, this profit-taking period lasted about 18 months. Currently, it has been going on for four months, indicating that, based on past trends, there could be another fourteen months of it remaining. This would extend the bull cycle into mid-2025.
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