James Butterfill, CoinShares' Head of Research, explains this using the example of #btc and #eth.
Some long-term investors seem to believe in the four-year cycle narrative - a self-reinforcing pattern that we don't share, but can't ignore either. Followers of this model realize gains, convinced that the cycle peak is approaching. The current price and momentum patterns more closely resemble the moderate trajectory of the 2021 cycle than the parabolic peaks of previous phases - which explains the ongoing sell-off by large investors: over 100 wallets with more than 1,000 Bitcoin have reduced their holdings since July, indicating continued profit-taking. Ethereum on the other hand, is experiencing silent accumulation - the number of wallets with over 10,000 ETH has risen from 877 to 1,250 since June. We believe that institutional capital flows, ETF activity and global liquidity trends are now having a far greater impact on market behavior than the simple four-year pattern of previous cycles.
