Bitcoin 1-year+ holding wave reflects this dynamic. This metric refers to the proportion of Bitcoin supply that has not moved for at least one year. A declining 1-year+ holding wave suggests long-term holders are distributing coins. These long-term holders know the four-year cycle playbook and started to distribute their coins in every post-halving year, i.e., 2017, 2021, and 2025.Cycles persist not merely because investors believe that “history repeats,” but because those beliefs drive positioning, creatin ...