Dr. Martin Hiesboeck, research director at the cloud financial services platform Uphold, stated that long-term Bitcoin holders may be selling their assets to shift towards exchange-traded funds (ETFs) and diversify their crypto asset portfolios.
According to Hiesboeck on Sunday: "The main reasons OG cryptocurrency holders choose to sell are as follows. First, to repurchase in the form of ETFs, as this method can provide significant tax advantages under current regulations, especially in the United States."
According to Lookonchain, early Bitcoin (BTC) arbitrage trader Owen Gunden is one of the latest to transfer his 11,000 Bitcoins to exchanges, having finally moved 3,549 on Sunday.
This year, several long-term Bitcoin whales have also awakened after years of dormancy and sold their holdings, including a Bitcoin whale from the Satoshi era who owned 80,000 Bitcoins and had been silent for 14 years before starting to move his massive reserves in July.
Hiesboeck noted that Bitcoin's compound annual growth rate (CAGR) is declining, indicating that it is transitioning from a high-growth asset to "a hedge against the failures of the traditional financial system and fiat currencies."
According to Bitbo, Bitcoin's CAGR has steadily decreased over the past four years, falling to single digits for the first time in April. As of November 10, it is approximately 13%.
"This maturity has been accelerated by events such as the launch of spot Bitcoin exchange-traded funds, which have brought in large institutional capital that is typically less volatile than retail-driven speculative liquidity, thereby suppressing extreme price fluctuations and facilitating lower, more stable growth rates," Hiesboeck stated.
Macro analyst Jordi Visser suggested earlier this month that Bitcoin is in the initial product issuance phase, with original holders exiting and new traders taking over the tokens, thereby expanding the distribution.
Hiesboeck also pointed out that the distinction between Bitcoin and altcoins is no longer significant, as the industry continues to evolve, and the old adversarial sentiments should be abandoned in favor of focusing on projects that "can change the world and avoid failure."
"We are in an exciting technological space with room for many projects; it's not about which football team you support," he said.
Related: Analyst: Bitcoin (BTC) dominance may continue to decline for weeks, signs of altcoin season have quietly emerged.
Original article: “Analyst: Bitcoin (BTC) is being sold off, seeking astonishing tax benefits from spot ETFs”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
