Bitcoin's holder composition is changing across several measures: > Roughly 25% of supply may now sit in the $78k–$92k cost-basis range, including ETFs and centralized exchanges. > Long-term holder supply is around 72%, and continues to decline. > Only 42% of short-term holder supply is currently in profit. > The $66k–$78k cohort added over 102k bitcoin:native after last week's volatility. Michael brings these observations into his wider cycle assessment and portfolio positioning in our latest 'Cycle Awareness' update. If you'd like to access the report, see comments below👇
The DeFi ReportShare
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