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This shift could potentially alter the ownership distribution of Bitcoin, with new participants gaining a larger share of the . Second, historically, spikes in Average Dormancy have often been followed by increased price volatility. If long-term holders are indeed selling or transferring their coins, it may lead to a greater supply of Bitcoin on the market, potentially putting downward pressure on prices.
Lastly, the rising Average Dormancy could also reflect changing market sentiment among Bitcoin holders. Long-term investors may be responding to macroeconomic factors, regulatory changes or other Overall, Ki Young Ju's observation about the shifting cap table for Bitcoin underscores the evolving nature of the market. As older Bitcoins are transferred or sold to new holders, the ownership dynamics of Bitcoin are undergoing a significant transformation.
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