Bitcoin [BTC] long-term holders may have started to lose their conviction for the cryptocurrency owing to the constant price decline. Additionally, these holders may have taken to selling BTC at a loss.
Glassnode, in its latest report, found that the 90-day Coin Days Destroyed (CDD-90) metric was at an all-time low. This meant that older BTC had been dormant as HODLers continued to hold in the face of declining market conditions.
Source: Glassnode3
HODL no more
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