The latest insights from 10x Research highlight that on-chain data analysis reveals a significant trend among Bitcoin’s “OG” wallets, which are actively reallocating assets. This trend is not indicative of a panic sell-off but rather reflects a methodical strategy among early investors and notable entities, including large-scale organizations like MicroStrategy. Such strategic redistribution suggests that Bitcoin is steadily migrating towards high-net-worth individuals and institutional investors, while exchange deposit levels remain relatively low, contributing to a tranquil market environment. Unlike the speculative bubbles of 2017 and 2021 driven by retail enthusiasm, the current phase is characterized by institutional engagement and resilience against volatility.
This behavior reinforces the principle that the actual danger within the market does not stem from long-term holders liquidating their assets, but rather when their selling activities normalize. Observations from early 2024 confirm that this cycle continues to mature, as long-term holders are still accumulating Bitcoin. With previous price targets of $84,500 and $106,000 achieved, analysts are setting new sights on $122,000, reflecting a robust evaluation of historical cycles and market dynamics.