$BTC The reason that high-net-worth investors are increasing their holdings is absolutely not based on a bullish justification—there’s no doubt about that. The key issue is that the high-net-worth users’ added holdings and the exchanges’ reduced positions are taking the same action, which means that at the current prices, high-net-worth investors are not only not reducing their positions to sell—instead, they are buying.

Unfortunately, Bitcoin doesn’t have anything like a lock-up. But for BTC whose holdings have exceeded 155 days and haven’t been transferred—that is, BTC that hasn’t moved in over 5 months—this data has been increasing since February of this year, when Bitcoin started to fall below $70,000.

This indicates that the investors buying BTC right now are mainly the segment of users who are high-net-worth and prefer to hold long term.
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