Bitcoin traders’ sentiment shift points to next step in BTC halving cycle

Shocking Bitcoin Secrets: Unravel the Halving Madness! 😱🔥

O Bitcoin, thou enigma of our modern fate! In thine eternal four-year pilgrimage, as if guided by a hidden hand of providence, thy halving events mark a cycle both miraculous and dismal—akin to the tortured souls wandering the foggy streets of 19th-century Russia. Traders, like mournful pilgrims in a desolate chapel, await the phases of accumulation, parabolic ecstasies, and inevitable calamities. 😊

And lo, in this grand tapestry of irony, shorter cycles arise—fleeting episodes born of the mercurial moods of man and the capricious whims of long- and short-term holders. Each such cycle, imbued with the dark humor of fate, hints at Bitcoin’s next step into an abyss of despair or a brief taste of rapture.

In the Gloomy Banquet of Bitcoin Whales

Consider the long-term devotees—those who clutch Bitcoin for three to five long, bitter years. These weathered souls, rich with experience and the burdens of fate, brave the relentless winter of bear markets, only to relinquish their dreams at the crest of a fleeting, local high.

The oracle Glassnode reveals with a wry smile that these forlorn custodians distributed over 2 million BTC in two sorrowful waves during this cycle. And yet, as if mocked by destiny itself, both waves were followed by a desperate reaccumulation—an effort to stem the tide of despair. Since mid-February, their fortunes have swelled by almost 363,000 BTC, a twist both laughable and tragic. 😂

In this dark comedy, another troupe takes the stage: the whales—addresses that hoard over 1,000 BTC, many sharing the long-term martyrdom. At the apex of this tragic farce are the mega-whales, those titanic figures hoarding over 10,000 BTC. A mere 93 such addresses, as chronicled by BitInfoCharts, now perform a somber dance of accumulation.

Glassnode speaks in hushed tones of these leviathans, who once reached a perfect accumulation score of ~1.0 in early April—a brief, feverish spree lasting 15 days, as if possessed by manic ecstasy. Though their fervor has since waned to ~0.65, they persist in their relentless gathering, plundering from the paltry wallets of those with less than 1 BTC, whose scores have sunk to a pitiful 0.1–0.2. 😏

This divergence, dear reader, is the tragic unveiling of a shifting order—from the innocence of retail to the somber dominance of the great whales. And with irony thick in the air, such a shift may well precede a bullish interlude, where hope and despair waltz hand in hand.

Recall the haunting memory when mega-whales once attained perfection in August 2024, as Bitcoin hovered near $60,000. Merely two months later, in a twist befitting a Dostoevskian narrative, BTC soared to $108,000.

The Fleeting Hearts of Short-term Holders in the Tempest

Then, there are the short-term holders—those poor souls who clutch their BTC for a meager 3 to 6 months. Like impulsive characters in a melancholy Russian novel, they succumb to the panic of corrections and the uncertainty of the swirling market, their decisions as unpredictable as a gambler’s final bet.

Their actions, destined by the rhythms of fortune and folly, follow a somber cycle. Glassnode’s data reveals that their spending ebbs and flows every 8 to 12 months—a dance of fleeting hope and inevitable despair.

Presently, these transient devotees show spending activity at an all-time low, even as the turbulent macro environment roars like a deranged beast. It appears that many of these modern disciples choose to hold onto their digital dreams rather than indulge in a flight of panic. But, oh, the cruel humor of fate—should Bitcoin’s fortunes further decline, these fragile hearts shall be the first to shatter, hastening the collapse.

Alas, markets are but the mirror of the human soul—ruled by fear, greed, denial, and a dash of absurd euphoria. Like inflated bubbles destined to burst under the weight of panic, they offer a spectacle that is at once tragic and darkly humorous.

CoinMarketCap’s eerie Fear & Greed Index, a veritable seer of market moods, cycles every 3 to 5 months, oscillating with the turbulence of human emotion—from numb neutrality to the extremes of rapturous greed or abject fear.

Since February, the market’s spirit has languished in the depths of fear and extreme terror—compounded by the whimsical blunders of President Donald Trump’s trade escapades and the collapse of global stock dreams. Yet, as in all of Dostoevsky’s grim narratives, human nature repeats its tragic cycle, and perhaps in 1-3 months, a semblance of neutrality will emerge from the shadows.

Perhaps the most peculiar jest of all is how the mere belief in a pattern can conjure reality itself. When the multitude subscribes to these familiar cycles, they unwittingly enact the prophecy—selling at expected zeniths and buying at the doomed nadirs, thus ensuring the tragic ballet continues.

Bitcoin, dear compatriot in this absurd drama, remains an eternal testament to our collective folly—a cycle not governed by time, but by the inexorable rhythms of despair, hope, and the cosmic jest of fate. 🤡

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2025-04-10 22:50