Bitcoin's Mysterious Buying Pattern Baffles Analysts
A recent Bitcoin on-chain pattern has not been seen in 17.5 years of HODL Wave data, according to analyst Willy Woo.
The unusual reading suggests that buying near the market bottom developed slowly instead of through a sudden wave of demand.
Woo said the pattern could point to one holder or a small group of buyers steadily accumulating Bitcoin price, but also noted that changes in market structure may offer other explanations for the anomaly.
The HODL Waves data groups Bitcoin supply based on how long coins remain unmoved, with younger bands tracking recently transferred coins. However, previous Bitcoin bottoms have produced visible spikes in these short-term bands when many investors bought at similar times, which is not the case this time around.