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The big correction everyone is waiting for may not come right now. Why?
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SOPR's relatively high, and this would normally push prices down, as there is a supply increase (ppl are more likely to sell the more profits they have).
But prices are not responding to that. Two possibilities: the demand is increasing or something is holding the supply.
But prices are not responding to that. Two possibilities: the demand is increasing or something is holding the supply.
If we take a look at the median lifespan of outputs, we can see it isn't changing. This means that old coins are not getting into trades. It looks like that long time hodlers aren't willing to sell. This makes our supply limited to the circulating coins.
Hodl waves tell same, take a look at 7d and 30d distribution. It's not growing. The inverted NVT is also having a bad time going up.
Demand seems to be increasing. Google trends is slightly up, news are in favor of bitcoin, blockfolio app frozen due to traffic, and we are finally seeing the institutions to get onboard. Demand increasing with limited supply makes a big correction way more difficult
But as always, be prepared to be wrong
