Analytics provider Glassnode reports that current intra-chain indicators suggest that the bitcoin bull market could be entering its final phase.

In his Chain Week report of 22. In March, blockchain analytics provider Glassnode noted a decline in the number of bitcoin whales, despite a steady accumulation of wallets containing 1 BTC or less since March 2018.

The continued accumulation of retail investors shows a willingness to HODL through volatility, with the trend continuing unabated from mid-2018 to the chaos of 2020, the report said.

The number of Whale addresses with more than 100 BTC is relatively unchanged from previous years. The group now owns 62.6% of the total supply, up just 0.87% over the past 12 months.

Citing its measure of reserve risk – used to measure long-term holders’ confidence in the price of bitcoin – Glassnode says the transfer of BTC assets from long-term holders to new buyers is currently underway.

ReserveRisk : Glassnode

Bitcoin rally slows as whales transfer wealth to retail investors

The report notes that bull markets tend to follow a similar path of wealth transfer through three distinct phases, which can be used to assess which phase the current cycle is in. The peak phase is the inflection point where the largest percentage of long-term holders, or LTHs, who own coins make a profit.

As with the measurement of reserve risk, these studies show that conditions are similar to those in the second half or late stages of a bull market. LTX still has a significant share of deliveries as it has only achieved 9% of the estimated peak in HODL.

Glassnode isn’t the only one speculating that the end of the bull market season may be near. The CEO of Chinese mining pool BTC.TOP, Jiang Zhuoer, believes the bull market could be over as early as September.

Speaking to local media on 21. In March, he cited the global economic recovery amid the launch of the COVID-19 vaccine and the likely drop in interest in crypto assets as the recent trend of large companies such as Tesla and MicroStrategy adding bitcoin to their cash reserves ceases to act as likely catalysts for market reversals.

Investment manager Timothy Peterson also noted the recent decline in whale stocks: Such moves are often, but not always, associated with declining markets. Peterson suggested that the price of bitcoin could fall to $25,000.

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