HIVE Digital Technologies LTD’s Post

I'm skeptical of both the graph and headline. First, I guess the chain analysis assumption is based on address re-use. I'm a long term HODLer but almost never re-use addresses. My acquisition on an exchange might look like long term holder, but my occasional transaction to self self custody, and my rare transfer from cold storage to an exchange should be indistinguishable from new adoption. So that's one flaw in the efforts to measure any of this. Many long term Bitcoin users avoid address reuse; there are sound cryptographic reasons for doing so. This graph presumably shows one set of institutional holders liquidating enough to unwind their "yen carry trade" debts, and other institutional investors soaking up that supply (at the panic/glut discount).

What is your definition of a long term buyer?

I think the deep is still out there. The boys are coming for the deep.

Can’t wait these ETF buyers wake up!

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