Since the last bitcoin halving, 504 days have passed, which, similar to previous cycles, indicates the approach of the final stage of the bullish trend, noted CryptoQuant expert. The Value Days Destroyed (VDD) indicator, which takes into account the volume of sold assets, sharply increased in March against the backdrop of the first cryptocurrency reaching the $70,000 mark.
However, the subsequent waves of sales — around $98,000 and $117,000 — were more moderate. This indicates that long-term investors are not exiting the market en masse but are selling cryptocurrency in a segmented manner.
Such segmented sales indicate a more resilient restructuring — largely due to institutional demand: the supply comes in batches immediately after new historical highs, and the market absorbs it, leading to more stretched peaks,” explained AxelAdlerJr.
The expert believes that the market has begun to behave differently, as the volatility of the first cryptocurrency is gradually decreasing. AxelAdlerJr called this a demonstration of bitcoin's maturity.
Earlier, specialists from the trading firm QCP Capital reported that the ratio of bitcoin to gold BTC/XAU shows a decline, and this foreshadows the imminent formation of a bottom for the first cryptocurrency.
