The data shows that the number of addresses holding Bitcoin for more than a year has increased to the highest level in history.

The recent BTC crash seems to be a loss-making sell-off by short-term holders, because the number of addresses holding Bitcoin for more than a year continued to increase and reached its highest point in May.

In the past seven days, the total market value of cryptocurrencies has fallen from US$2.5 trillion to US$1.8 trillion, a drop of nearly 30%.

The mainstream cryptocurrency has fallen 40% from its recent all-time high of $64,000, which was only four weeks ago. Since then, key support levels have been broken multiple times, sparking discussions about a return to a bear market.

Bitcoin is currently interacting with the 200-day moving average. The daily closing price below this level will be a bearish signal, “may be” the beginning of a new cryptocurrency winter. The Fear and Greed Index is currently at the fear level.