Bitcoin spending copies history as metric flags ‘1st stage bull market’
Bitcoin on-chain spending is heating up and, so far, is “rhyming” with past BTC price cycles. Bitcoin (BTC) long-term holders are coming back to life as BTC price increases, the latest Analysis confirms. In a tweet on July 13, Philip Swift, creator of on-chain data resource LookIntoBitcoin, revealed classic bull market behavior among “older” BTC investors. Value Days Destroyed Multiple prints BTC price bull signal Bitcoin’s current price cycle may be dividing opinions when it comes to how high BTC’s price could go, but one thing is for sure: Hodler behavior is the same. Thanks to BTC/USD more than doubling in 2023, on-chain spending velocity is up, indicative of profit-taking activity. Uploading a chart of the Value Days Destroyed (VDD) Multiple, Swift suggested that the current cycle barely differs from all previous ones in this regard. “Increased onchain spending volume showing where we are in the cycle right now,” part of an accompanying Twitter commentary stated. “History doesn...