Bitcoin has once again rejected below the psychological $20k region, plunging Short-Term Holders into severe unrealized loss. However, HODLers remain steadfast, with numerous metrics displaying a full cycle detox.

Topics for Discussion:

• Momentum of new on-chain activity and retail particiption.
• Divergence between Long- and Short-Term Holder behaviour.
• Impressive resilience of Bitcoin Long-Term Holder.
• The risk of filling in the price gap back below $17.5k.

Timestamps

0:00 Introduction 2:43 Bitcoin Price Action 3:14 Number of New Entities 5:13 New Entities Momentum 7:56 Median Transfer Volume 9:45 Retail Participation Momentum 10:37 Miner Revenue from Fees 11:50 Spent Volume by 6-month Old Coins 14:13 Realized Cap HODL Waves 15:48 CDD-90 17:23 URPD Coin Distribution by Long and Short-Term Holders 19:30 Supply in Profit Held by Short-Term Holders 20:52 Short-Term Holder Cost Basis Momentum 22:25 Summary and Conclusions