This is a very bullish metric.

Long term Bitcoin holders have been aggressively buying since the $74k bottom.

Especially over the last two weeks.

Long term holders/smart money always buy into bottoms and sell into tops...

So it is a great metric to follow for understanding where we're at.

But what is even more interesting about now, is that even though we have already broken into new highs, they have not started selling yet.

The last two run ups(as pictured) you can see that Long term holders started selling just before we broke higher...

Then continued to sell all the way up.

What does this tell us?

That Long term holders are expecting this to run so much higher.