Bitcoin has slowly fallen further from $70k, despite bullish efforts in the past six months. However, maybe this cycle is only halfway done...
has been on a slow downtrend since early June when it began to register lower highs and lower lows on the weekly chart. However, the Founder and CEO of CryptoQuanton X, he highlighted that the BTC Coinbase spot volume dominance is back to its early 2024 levels, when spot ETF approval was yet to come. This was not a bullish development, and an increase in U.S investors is necessary to take Bitcoin to its highs.
The 3-month to 2-year UTXO ages have sharper peaks and valleys in different parts of the cycle. Towards the market top, these age bands fall precipitously, forming bottoms roughly around the market top. The ensuing downtrend saw them climb higher, representing more holders re-entering the Bitcoin market as buyers.
The previous two peaks came within months of BTC’s halving, showing another wave of accumulation around the halving that would lead to a distribution after a bull run.
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