The cryptocurrency sector has not showcased a distinct trajectory in 2025, illustrating the volatile state of the digital asset market. Bitcoin, the foremost cryptocurrency by market capitalization, is presently 24% below its historical peak price of $108,786 achieved in January 2025.As the leading cryptocurrency continues to drift away from its all-time high, questions have emerged regarding the current stage of the cycle in the market. Notably, recent on-chain analytics provide some clarity concerning the present condition of the Bitcoin market and the responses of the participants.
Are Veteran BTC Investors Expecting A Price Increase?
In a Quicktake article on the CryptoQuant platform, analyst Axel Adler Jr. provided an examination of the ongoing Bitcoin cycle, shedding light on the actions of a significant cohort of investors. According to the analyst, seasoned BTC holders are returning to accumulate the prominent cryptocurrency.
Adler Jr. disclosed that the veteran BTC investors have participated in four accumulation phases (January 2023, October 2023, October 2024, March 2025) during the current cycle. Conversely, the selling activity of these market players has experienced four notable peaks, including January 2024, April 2024, July 2024, and January 2025.
The critical on-chain metric in focus is the Value Days Destroyed (VDD) metric, which monitors the spending habits of long-term investors. The chart presented below illustrates that the VDD metric has been consistently declining since the beginning of 2025.
Source: CryptoQuant
Based on the chart, Adler Jr. indicated that three primary characteristics define the present phase of the Bitcoin cycle. To begin with, the veteran investors, who were previously distributing their BTC at local peaks, have now adjusted their strategy to holding and accumulating their assets.
Moreover, the Value Days Destroyed metric implies a lack of significant selling pressure, indicating that the experienced traders are doubtful about profiting at the current Bitcoin valuation. Additionally, periods of reduced VDD values have historically preceded substantial upward price movements as investors accumulate in expectation of a price rise.
Ultimately, this favorable shift in the conduct of seasoned Bitcoin holders suggests there may be potential for further price enhancement for Bitcoin in the medium term.
Bitcoin Price Overview
At the time of writing, the price of BTC hovers around $83,200, experiencing an over 2% decrease in the past 24 hours. According to information from CoinGecko, the flagship cryptocurrency has also declined by roughly 2% on the weekly scale.
BTC price reclaims $83,000 threshold on the daily scale | Source: BTCUSDT chart on TradingView
Featured image created by DALL-E, chart from TradingView
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