On-chain analysis of coin age supports that view. The share of BTC changing hands within one week to one month, often associated with momentum trading, has climbed only marginally despite the price record. Meanwhile, long-dormant coins continue to hold firm.
Crypto Dan added that whales logged fewer profit-taking transactions than during previous tops, signaling restrained selling pressure.
He also mentioned the US-traded spot Bitcoin ETFs, which recorded positive flows for eight consecutive sessions through May 21, bringing their collective holdings above 1.2 million BTC.
The steady bid and muted retail froth could indicate that price discovery may extend if risk appetite broadens.
