Quick Take
The onset of the massive Bitcoin bull run can be traced back to September 2020, a period marked by significant price accumulation followed by a monumental ascent from $10k to $60k. The data uncovers notable trends within the Bitcoin supply dynamics. Particularly, the supply that has been held for over three years has reached an unprecedented pinnacle, accounting for a substantial 40% of the total supply.
This is suggestive of a parabolic run, which is often indicative of movements by the so-called “smart money.” These long-term holders, seemingly equipped with foresight, may have anticipated the global expansion of central bank balance sheets, stimulus measures, and the implications of COVID-19 lockdowns on asset prices.
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Source: https://cryptoslate.com/insights/bitcoin-bull-run-traced-to-smart-money-as-40-of-total-supply-held-for-over-three-years/