The world of cryptocurrency has been pretty wild lately, especially with Bitcoin. People are paying close attention because Bitcoin's price keeps going up and down. Maksim Balashevich, the CEO of a company called Santiment, looked into this and had some interesting things to say, especially about what happened after the latest Bitcoin halving on April 20.

When Bitcoin halving happens, people usually get excited and think the price will go up. But Balashevich says we should look deeper than just thinking about when the price will peak again or how much it might go up. He says we need to ask more complicated questions.

Balashevich found that big Bitcoin owners, called whales, often sell some of their Bitcoin when the price goes up so they can make money without making the market too crazy. But smaller owners tend to keep or even buy more Bitcoin even after the price goes really high.

There's also a group of people who own a medium amount of Bitcoin, and they seem to know what they're doing. They buy and sell strategically, trying to guess what the market will do next. Balashevich thinks this shows that the Bitcoin market is complicated right now. While some people are buying more, others are being cautious and trying to keep things stable.

Another thing Balashevich looked at is called the Average Dollar Investment Age, which is about how long people are holding onto their Bitcoin before they sell it. If this number goes up, it means people are feeling good about Bitcoin's future and aren't rushing to sell. But if it goes down, it might mean people are cashing out and the price could go down soon.

Balashevich thinks that based on this Average Dollar Investment Age, things look pretty good. He says that for the past 4-5 months, people have been moving their money around, which could mean the price will keep going up. This has happened before in the last year, so it might happen again.

So, even though Bitcoin's price is going up and down a lot, there are some signs that things might keep getting better. But it's still a tricky market, and people need to be careful with their money.