Using this article, let’s talk about a common mistake in on-chain data analysis, which is long-term holders.

You think the chart shows that long-term holders have been increasing over the past few months.

Actually, that is wrong!!

The definition of long-term holders: glassnode defines holding for 5 to 6 months as long-term holders (this is roughly the number, I can't remember the exact figure).

So, it’s not about increasing holdings; those who bought BTC and did not sell will naturally become long-term holders.

So, 5 to 6 months ago was when BTC was at its peak, and a large number of positions were locked in.

Thus, by doing nothing in the market, the current timeframe will turn those into long-term holders.

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