Once spot BTC(Bitcoin) ETF(Exchange-Traded Fund)s were approved, the BTC price declined to less than $40k. As time goes by, the BTC price recovered, and it's retaining around $43k.
Take a look at the MVRV-Z Score which is one of the BTC on-chain data. In this cycle, it's not attempted more than 2.0. It's stuck in 1.5.
So, I'm not worried about the current BTC price level. Because, the 🇺🇸 macroeconomy is still great in terms of the labor market and stock market indicies. They are external issues. Approvals of spot BTC ETFs are internal issues. Therefore, we've confirmed that internal and external issues are ok for now. I think these issues will last this year, if there's no sudden recession 😰
This is a realized cap holder waves chart. I think the smartest holders are people who hold for 1m-3m. Compared to the start of the 3 previous bullish markets, this ratio of holders for 1m-3m is pretty less than 20%. I think it means that the smart guys didn't enter the crypto market yet. It seems that they're playing in other markets such as bonds, stocks, commodities and real estates, and so on.
The next BTC halving date is 70 days left. Precisely 4 years ago, Feb 2020, I was starving, and I had to do anything for living. It was tough time. But, I endured the bearish market, and I thought it will make it. Dreams came true. But, the time that I endured for Jan, 2018 ~ Dec, 2020 was really difficult.
This time is no different from that time. I've been enduring for Apr, 2021 ~ Feb, 2024. It's about 3 years. Sometime, my 2nd enduring time will shine. Because, the long-term investors grow up by consuming the patience.
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