Diamond Hands Give Way
Bitcoin’s long-term holders, known as “diamond hands,” have sold off a whopping 669,000 BTC in the past month.
What’s a Diamond Hand?
Diamond hands are investors who hold onto their Bitcoin for more than 155 days. They’re usually considered the most committed holders in the market.
Why the Sell-Off?
Even diamond hands have been shaken by the recent market turmoil, which included a new all-time high and a crash.
Historical Context
Diamond hands have sold off in previous bull markets when Bitcoin hit new highs. However, these sell-offs usually happened before the peak of the market cycle.
Current Situation
The current sell-off by diamond hands is smaller than in previous bull runs. It’s unclear if the peak of the sell-off has been reached.
Bitcoin Price
Bitcoin is currently trying to recover and has climbed back towards $67,000.
