$BTC HODL Waves: the trend does not lie

As of May 13, 2025, the data clearly indicates that the market is returning to an accumulation phase.

What the chart shows: $BTC held for 6-12 months and 1-2 years is steadily increasing. The number of short-term holders (0-3 months) is also rising – this is typical for the early stages of a bull run.

This structure reflects the cycles of 2016-2017 and 2020-2021 just before major increases.

Long-term holders are not selling. New liquidity is emerging. We are either at the beginning of a major movement or at the base of the last stage, depending on macro conditions and ETF flows.

Confidence is high - old coins remain untouched.

New participants are entering cautiously, which is positive. A strong influx (ETH ETF soon?) could trigger a movement similar to 2020-2021.