It is typical in prior Bitcoin cycles that an uptick in new demand tends to come alongside an elevated appetite for speculation. This tends to result in increasingly volatile markets, which is characteristic of macro up-trends in prior Bitcoin cycles.

90-day realized volatility has nearly doubled from 28% to 55% since October 2023, which marked the point where Realized Cap inflows started to accelerate higher.

During the recent price decline from the all-time high (ATH) to a low of $ 61.2k, approximately 2.0M BTC transitioned from 'in-profit' to 'in-loss' status, indicating a significant volume of coins transacted at a higher cost basis. As the market rebounded to $ 66.5k, about 1.0M coins returned to 'in-profit' status. Consequently:

• Approximately 1.0M BTC have a cost basis between $ 61.2K and $ 66.5K.

• Approximately 1.0M BTC have a cost basis between $ 66.5K and the ATH at $ 73.2K.

This represents one of the larger 'supply clusters' seen during pullbacks since the 2022 lows, suggesting increased on-chain coin volumes in recent months.

The price surge of #Bitcoin has resulted in the stability of Bitcoin supply held per Whale at around 5,350 #BTC per #Whale. However, the Market Cap percentage owned by the #Whale cohort is decreasing, despite the stability in the supply held.

On this, we can say, #Bitcoin Supply per Whale has remained stable, However, the percentage of the total market cap owned by #Bitcoin whales has been declining, indicating that smaller #investors may be buying.