$Bitcoin (BTC.CC)$ During the decline and pullback, only new lows are present.

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$Bitcoin (BTC.CC)$
In recent years, bitcoin has gradually been seen as an important hedge asset. However, the trading volume and circulation of the bitcoin market are relatively small, which means that besides daily trading, a large amount of bitcoin in the market is held in a hoarded state. By analyzing the circulation status of the bitcoin market, we can infer that many holders or institutions have a psychological expectation for bitcoin higher than the current market price, choosing to hold rather than sell. The reasons behind this phenomenon and its implications for investment strategies are worth pondering.
1. The circulation and hoarding phenomenon in the bitcoin market
Assuming that the current price of bitcoin is around $77,000 per coin, then $0.1 billion can buy approximately 1300 bitcoins. If an investor wishes to transfer $2 billion in assets to bitcoin as a hedge, they would need 26,000 bitcoins, and $10 billion would require 130,000 bitcoins. However, the current situation is that the average daily trading volume of the bitcoin market is only about $0.1 billion, i.e., 1300 bitcoins are being traded. This means that the vast majority of bitcoins are not frequently traded but are instead being hoarded in large quantities.
Since the birth of bitcoin, many early holders' bitcoins have not been circulated, indicating that only a small fraction of bitcoin is currently used for trading. In other words, currently only about 0.1 billion US dollars worth of bitcoins are in circulation, while most of the bitcoins may be held long-term, hidden from the market.
II. Psychological analysis of investors who hoard bitcoin
A large amount of hoarded bitcoin...

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