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Santiment: The intensified profit pullback of Bitcoin does not indicate the end of the bull run.
Gate News bot news, research company Santiment stated in its latest biweekly report released on May 29 that the pullback in Bitcoin profits does not necessarily mean that the bull run is about to end.
Santiment found that Bitcoin's supply has started to become active since mid-April by analyzing the Mean Dollar-Invested Age (MDIA) indicator (i.e., the length of time Bitcoin has stayed in wallets).
The report explained: "During most bull run cycles, the decline of MDIA is a strong indication that the bull run momentum will continue. From a technical perspective, the downward trend line suggests that old coins are re-entering circulation, thereby enhancing utility and promoting the growth of the asset network. Since mid-April, as the tensions triggered by the initial tariff announcements began to ease, Bitcoin's MDIA has been steadily declining."
In the past six weeks, the average holding time of Bitcoin in wallets has slightly decreased from 443 days to 426 days.
While this suggests that Bitcoin holders are trying to lock in profits, Santiment believes that this behavior is "critical to sustaining the market's upward momentum...... This reinforces the view that the market is active and not just driven by short-term speculation. ”
Source: Cointelegraph