Well first of all, I hope that you guys remember how was the bull run in 2017 because it was the first confirmation that Crypto IS the future! All of the mainstream media was impressed (myself included) with BTC perfomance in such a small period of time. And since the mainstream media began covering Bitcoin mostly countless new crypto lovers began searching and buying those coins.
So in the first bull run many people whenever the price got a bit higher people began selling because since they didn't know what the cryptomarket was they were worried about make some fast profit as you can see in the graphic below:
When the price began dropping many people began HODLing because they saw the potencial that these market can reach, they saw the opportunity, the value so now bitcoin hodlers are just sitting tight and waiting to see how far this coin can reach.
Since several companies began using BTC as a value asset the normal investor is doing the same, they are stopping trading and believing in the crypto future, and if i may add is a bright one.
Thanks glassnode for this amazing graphic, it's quite elucidating on how investors are seeing BTC.
If some of you want some freebies satoshis:
