Bitcoin’s Peculiar Dance: LTHs Cling to Their Treasures
One cannot help but marvel at the persistence of these LTHs, who, according to the sagacious crypto analyst Axel Adler Jr., retain holdings of a magnitude historically unparalleled at this juncture in the cycle. Compared to cycles past, their coffers are brimming-1.52 times more than in 2020, and a staggering 3.4 times more than in 2016. Yet, the Z-score, that barometer of excess, mirrors the 2016 cycle’s reading of 2.94, a period marked by the early stirrings of redistribution, which lingered for some 200 days before reaching its zenith in December 2018.





