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The cryptocurrency market has no clear direction in 2025, which reflects the uncertainty in the digital asset industry. Bitcoin is the world’s largest cryptocurrency by market capitalization and is currently 24% away from the record $108,786 of $108,786 in January 2025.
As major cryptocurrencies steadily break away from their all-time highs, there are questions about which stage the market is currently in. Interestingly, recent on-chain data provides an in-depth understanding of the current state of Bitcoin market and participants’ reactions.
Do experienced BTC investors expect price increases?
In a QuickTake post on the crypto platform, analyst Axel Adler Jr. analyzes the analysis of the current Bitcoin cycle, giving an in-depth understanding of the behavior of important investor groups. According to online experts, experienced BTC players are back to accumulating flagship cryptocurrencies.
Adler Jr. On the other hand, these market participants’ sales activity has reached four different peaks, including January 2024, April 2024, July 2024 and January 2025.
The relevant on-chain indicator here is the Value Days of Destruction (VDD), which tracks long-term investor spending behavior. The figure below shows that the VDD indicator has been steadily declining since the beginning of 2025.
Source: CryptoQuant
Adler Jr. mentioned on a chart-based basis that three main features define the current stage of the Bitcoin cycle. First, experienced investors are actively allocating their BTC at the local peak and have now shifted their strategy toward holding and accumulating coins.
Furthermore, the number of days of value destroyed indicates a lack of huge sales pressure, which means experienced merchants are skeptical about profits at the current price of Bitcoin. In addition, due to the accumulation of investors as prices rise, there have been significant upward movements in the period when VDD values are low.
Ultimately, a positive shift in the behavior of experienced Bitcoin holders suggests that there may be room for further price growth in the medium term.
The price of Bitcoin is clear at a glance
As of this writing, BTC is around $83,200, down more than 2% over the past 24 hours. Flagship cryptocurrencies also fell by about 2% over the weekly timeframe, according to Coingecko.
BTC price reclaims $83,000 level on the daily timeframe | Source: BTCUSDT chart on TradingView
Feature images created by DALL-E, charts for TradingView
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