“ Elon effect ” What is it? , Can it make early bitcoin investors cut back on selling ？

since 2 After Tesla officially entered the cryptocurrency market in June , Elon · Musk seems to influence the bitcoin market in many ways . So much so that Musk's influence has been called “ Elon effect ”, It also plays an important role in market operation .

Some of the tweets that the billionaire posted about cryptocurrency became a price pump , Most of it's about dogcoin and bitcoin, of course . Before the price of cryptocurrency reaches its peak , Depending on whether his tweets amplify bullish or bearish sentiment , The price of cryptocurrency will either soar , Or it will go down a little .

However , In fact, the most important point is that , Musk influenced early investors in the market , Force them to suspend their traditional selling habits .

Usually , Just like the analysts on the chain Willy Woo As pointed out in a tweet , Early investors like to sell their accumulated bitcoin in the middle of bitcoin's rise , But this time , Things are starting to change differently .

“ Early investors like to profit by selling cryptocurrencies in every rally , This results in an increase in the average sleep time . And this one's called Elon · Musk's guy came over and decided to buy , Now early investors are as committed to bitcoin as the rest of us ”

Elon · Keep calm like the rest of the whale , It also forces them to pay attention to when there will be a major turnaround .

It's been a bull market for a few months , For these investors , Selling may not be a good choice .

From the picture above “ Average dormancy period ” We can see the movement pattern of early investors .

from 3 month 20 The day begins , We can see that sales are starting to grow . From last year 11 Month to year 1 month , Selling pressure has increased and reached an all-time high . In Tesla 2 After admission in September , There has been a significant decline , And since then the situation has been almost balanced .

Glassnode Point out that because “ Elon effect ”, The selling of mining companies has also stopped , The bitcoin box abandoned the normal sales mode and suspended the transaction , Because they expect the bitcoin market to rise , therefore , They can hold some cryptocurrency as reserves .

According to this data , Short term holders have also stopped selling and have stopped , Bitcoin miners abandoned the usual sales model and suspended trading , Because they expect the bitcoin market to rise , therefore , They have some cryptocurrency in reserve .

The table above shows ,SOPR It's starting to move down , That means the bitcoin market is beginning to stabilize .

Analysts point out that ,“ When SOPR When it's low , The loss will be reduced . When SOPR In the process of bull market integration, readjust to 1.0 when , This means that profitable holders have stopped selling bitcoin .”

On the other hand , With the stability of the market , Bulls seem to have more space to do more bitcoin .