Only 4.4% of the 6-12 month old $BTC that moved in the last 30 days went to exchanges. In the window ending Jun 17, it was 40.4%. These coins mostly come from buyers near or after the 2025 top. Monthly volume stayed between 143.7K and 216.5K BTC. The share sent to exchanges collapsed: - Ending Jun 17: 40.4% (63.8K BTC) - Ending Jul 17: 30.9% (46.8K BTC) - Ending Aug 16: 9.8% (14.1K BTC) - Ending Sep 15: 3.7% (7.9K BTC) - Ending Oct 15: 4.4% (9.1K BTC) People who bought high have mostly stopped selling. That takes a brake off the price. It still needs new buyers to move up, and they haven't shown up yet. 🧵1/2 👇
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