It is amazing that the only coins that moved in this 2 month bear market are bought in the last 6 months, a.k.a. short term hodlers. Hence these guys alone are selling. Poor weak hands, they must be screaming like little girls while selling. I just wonder whether there is a single long term hodler to sell in panic now that we are 30K below the ATH 2 months ago? Probably none. And another thing. Is there a single daily trader, who can boast that he is in profit in the last year? Probably none. At least the stats show only liquidations and endless series of stop losses. It sucks to be a trader.
But where are they getting the coins? In the move from May to Nov most of the buyers were LTH with little selling history. And there is buying by the LTH again at these levels.
The term Short Term Hodlers (STH) combines the daily traders and new wanna-be hodlers who bought in the range 40K-60K. These were coins from Long Term Holders (LTH) who always sell on the way up, and not so much on the way down. Humans are predictable, so when a new investor sees his profit erased in the blink of an eye, he just can't help and sell on the break even in the best case. Glassnode stats clearly show that the movement of old coins itensified during the 2 bull runs in 2021 and went to 0% during the 2 dumps. All these bear wet dreams of cheap coins will soon die in ashes, because without the aid of old coins dumped on the market the crashes will be insignificant like the current one.
This is quite different from the bear market in 2018, when the old coins flooded the market during the run to 20K and the recovery to 12K. Now, if we assume that the current situation is a big bear manipulation, then these must be new players, completely ignorant regarding Bitcoin specifics. They can't bring the price down simply by selling each time there is a small pump, like with stonks. They need a help from the old coins, which could be lured only above 60K. But then they might be surprised again by the lack of such event, since the hodlers are waiting for 100K and fewer will sell at 60K than in 2021. So it is a win-win for the bulls even mid-term, not to mention long term.
