Executive Summary:

A striking degree of similarity in the Bitcoin price trajectory can be observed across prior cycles despite vastly differing market scales, investor composition, and market structure dynamics.

With price trading above $100k for a few weeks now, Long-Term Holders are taking the opportunity to distribute supply into fresh demand. This has resulted in a new ATH in realized profit being set, breaching $2.1B. A notable portion of these profit taking volumes are originating from coins aged 6m-12m, with coins older than this remaining relatively dormant in comparison.

The percentage of network wealth held by new investors has surged higher, highlighting a robust demand profile, but also reflects a transition in the balance of wealth away from longer-term HODLers.