Looking at who's been selling Bitcoin since November 2024, we can see a clear pattern in the profit-taking:
The biggest sellers are relatively new holders (6-12 months), who've taken $27.3B in profits. This group alone accounts for 38.5% of all selling.
Other groups have sold much less:

- 1-2 year holders: $12.7B
- 2-3 year holders: $8.1B
- 3-5 year holders: $10.1B
- Long-term holders (5+ years): $12.6B

This data confirms our earlier observation - newer investors who bought in 2024 are doing most of the selling, while longer-term holders are generally staying put.

What Is an Unpermissioned Ledger?

An unpermissioned ledger — also known as permissionless or public — is a ledger that anyone can access and download. Users can submit messages for processes and even be involved in processes of authentication, verification, and consensus protocol for blockchain transactions.

What Is the Difference Between Permissioned and Unpermissioned Ledgers?

Permissioned ledgers are private ledger systems that are managed by a single company or entity, where transactions are recorded, verified and stored with the permission of the controlling entity. This type of ledger is typically used in industries such as banking, healthcare and government, and access to the ledger is restricted to those that are authorized by the controlling entity.

Unpermissioned ledgers, on the other hand, are public and open-source ledger systems that don’t require permission from a centralized authority to access or make transactions. Instead, these ledgers are managed by a distributed network of computers, and anyone can participate in the network. The most popular example of an unpermissioned ledger is the blockchain, the technology behind cryptocurrencies like Bitcoin.

The main difference between permissioned and unpermissioned ledgers is the level of control and the degree of trust that is required for each type of ledger. Permissioned ledgers require permission from the controlling entity in order to access the ledger, and any changes to the ledger must be approved by the controlling entity. Unpermissioned ledgers, on the other hand, are open source and don’t require permission from a centralized authority to access or make transactions. Furthermore, unpermissioned ledgers are more secure and trustless, as they are managed by a distributed network of computers.

Unlike permissioned ledgers, all users of unpermissioned ledgers can create data, publish smart contracts and run a node. As such, they are completely transparent, as data are accessible to anyone. They also incentivize users to run nodes.

Here's the Analysis of #KSM :

#KSM is been kinda going through the side ways markets and bounced from the key support zone around $27.64 - $28.14. Price also getting respected from the resistance trendline and anticipating lower moves back to support or nearby that area. Direct buys looks doesn't looks good enough better wait for the confirmation.

#BTC now trying to get out of the consolidation area, where H4 TF trying to close over it, but its important to wait for the Daily Candle Close and later on we can have the proper confirmation.

#BTC.D started dropping lower with the bearish market structure and #Bitcoin is also in a range. IF #BTC sustain in the range we can see a short-term rally in altcoins. The support will remain same at 56.74% - 54.59% where it could stop.

We can additionally bolster our thesis by assessing the URPD segregated by holding age. Here, we again note a significant amount of coins aged 2yrs-5yrs old remain changeless, underscoring the notion that higher prices are required to relinquish their coins.

Here's the Analysis of #POWR :

#POWR entered back into the consolidation range and moving with the support of the trendline. Well, most of the altcoins moving with in the range and again in this case we to wait for the breakout for the entries/ building positions. Range is between around $0.15 - $0.18 and $0.40 - $0.43.

#BTC gave a successful breakout of the resistance area and holding. Well, price have moved very correctively in nature so we can expect a dip back inside the zone or fakeout below it. Overall, market looks bullish now.

#ORDI get into the consolidation range over the key support zone and looking for a breakout too. Once we have candle close over it, we can see 12% - 15% jump towards the resistance at $32.50 area.

#Bitcoin Monthly return so far looks good in January.

In terms of Quarterly return, its a good growth with 50-50% chances.

Looking at coin holding patterns by age (URPD - Unrealized Realized Price Distribution) reveals another interesting insight. The behavior of long-term holders who've owned Bitcoin for 2-5 years stands out.
These veteran holders aren't moving their coins much. This suggests they're waiting for significantly higher prices before they consider selling.

Here's the Analysis of #ZEN :

#ZEN is been on a Large Consoldiation over the past few years and now broke few days beck, rejecting from the major resistance area around $41.50 - $46.50. Price might enter the the range again and accumulation looks good inside below $20.

#BITCOIN DAILY TF UPDATE :

#BITCOIN exactly did what we mentioned, Support holds strong and given a short-term up-move with the market. Price giving hints for Bullish movement and need to see a closing above $100,000 area to strongly confirm.

#THETA gave a breakout of the channel pattern and moved into a consolidation range Price going through the breakout now, but HTF looks bearish. Only Small risk can be take here.

The AVIV Ratio helps us understand how much profit (on paper) the average active investor is sitting on. This helps gauge if the market is overheated or has room to grow.
Bull markets typically end when all types of investors are showing big profits. This creates a problem: too many people want to sell to lock in gains, while fewer new buyers are willing to pay such high prices.
Right now, the AVIV Ratio hasn't hit its extreme level (+3σ). This suggests investors aren't sitting on excessive profits yet, meaning the market might have more upside potential before profit-taking becomes too tempting.

What Are the Drawbacks of Unpermissioned Ledgers?

Lack of Trust: Unpermissioned ledgers are open to anyone and anyone can submit transactions, which can make it difficult to trust the data stored on them.

Security Risks: Without proper security measures, unpermissioned ledgers can be vulnerable to malicious attacks.

Scalability: As the number of users grows, the system can become slow and inefficient.

Lack of Privacy: The data stored on unpermissioned ledgers are available to anyone, which can make it difficult to keep the data private.

Regulatory Concerns: Unpermissioned ledgers are not formally regulated, which can raise concerns for governments and financial institutions.

Here's the Analysis of #ADA :

#ADA gave a flip above the major support zone of $0.98 - $1.02 and looking at the short-term trend we can move towards the resistance area of $1.91 - $1.23. Look for buys on the retest and targeting towards resistance.