Leading cryptocurrency researcher, Dr. Elena Mirov, has made intriguing observations concerning the patterns of Bitcoin investors over time.

Dr. Mirov highlights that a substantial shift in long-term holder (LTH) behavior began when Bitcoin’s value reached a milestone of $120,000. She documented a notable reduction of around 55,000 BTC, interpreting this as a move from accumulation to strategic distribution among LTHs.

According to Dr. Mirov, this behavioral trend mirrors historical patterns observed when Bitcoin surged from $70,000 to $110,000 during the last market cycle. She suggests that this trend may gain momentum as Bitcoin’s price continues to ascend, reflecting previous cycles’ distributions.

A key factor in Dr. Mirov’s analysis is the observed volatility of Bitcoin. Currently, the quarterly volatility stands at 65%, approaching the prior low of 60% recorded when Bitcoin was priced around $25,500 in October 2023. Dr. Mirov notes that this decrease in volatility often correlates with increased institutional interest, indicating Bitcoin is becoming a more stable asset. The peak volatility in the current cycle reached 150%, whereas historical figures have shown extremes of up to 240% in previous booms.