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Over the course of the last three days, approximately 555k $BTC have changed hands between prices of $18k and $23k. This chart shows the on-chain price distribution by age bands: 🟥 are < 1wk old coins (recently changed hands) 🟧 are 1m to 1yr old coins 🟩 are > 1yr old 2/9

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Revived supply 1yr+ spiked over the last week, with 20k to 36k $BTC being spent per day by holders with coins accumulated H1 2021 or earlier. Whilst not the highest volume in the last year, it's a notably sustained impulse higher as investors with 1yr old coins panicked. 3/9

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#Bitcoin Long-Term Holders contributed to the sell-side, liquidating around 178k $BTC at prices below $23k. This represents around 1.31% of their total holdings, and returns aggregate LTH balance to Sept 2021 levels. 4/9

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Investigating the profit and loss by Long-Term Holders sending coins to exchanges, we can see a deep capitulation took place. A few #Bitcoin LTHs even bought the $69k top, and sold the $18k bottom, locking in -75% losses🩸. Total LTH losses 0.0125% of Market Cap per day. 5/9

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#Bitcoin Miners are also under stress, with their balances stagnating from the 2019-21 accumulation uptrend, and reversing into decline. Miners have spent around 9k $BTC from their treasuries this week, and still hold around 50k $BTC. Hashrate has also fallen 10% off ATH. 6/9

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#Bitcoin Short-Term Holders also took on heavy losses, with STH-SOPR reaching levels equivalent to the Nov 2018 bear market capitulation event. Only three instances have exceeded yesterdays STH pain in the last 5yrs - Start of the 2018 bear - March 2020 - May-July 2021 7/9

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If we assess the damage, we can see that almost all wallet cohorts, from Shrimp to Whales, now hold massive unrealized losses, worse than March 2020. The least profitable wallet cohort hold 1-100 $BTC, and have unrealized losses equal to 30% of the Market Cap. 8/9

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Finally, we can see that as prices hit the $17.7k lows yesterday, just 49% of the $BTC supply was in profit. Historical bear markets have bottomed and consolidated with between 40% and 50% of supply in profit. #Bitcoin investor conviction is seriously being put to the test 9/9

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