Bitcoin on-chain data suggests no bull market top at $60K, selling activity declining

For the very first time in a (BTC) bull market, not only long-term investors but also short-term speculators who usually add to the daily sell pressure toward the end of a market cycle have become increasingly confident of higher prices as they hold on to their Bitcoin.

This only adds to the already existing supply shock. If demand remains strong, this is a recipe for another leg up for the BTC price.

Bitcoin selling activity is declining again

Bitcoin: HODL Waves. Source: Glassnode

Reflecting realized value in HODL waves is critical

Bitcoin cycle tops tend to form around the short-term activity peak

Bitcoin: Realized Cap HODL Waves. Source: Glassnode
Bitcoin: Realized Cap HODL Waves 1d-1m. Source: Glassnode

Bitcoin selling activity relative to the holding period is quite low

Bitcoin spending behavior relative to the market cap is low

Bitcoin: Entity-Adjusted Dormancy Flow. Source: Glassnode

This is Bitcoin rocket fuel