The Week On-Chain 14, 2024
As the Bitcoin Spot Price consolidates below the new ATH of $73k, the Long-Term Holder cohort has entered their distribution phase, selling to new investors at higher prices. This represents an injection of new capital into the asset class, driving the realized cap up to new heights.

Executive Summary
- Capital continues to flow into Bitcoin, with the Realized Cap rising to a new high of $540B, and seeing rates of capital inflow into the asset now exceeding $79B/month.
- The transfer of wealth from Long-Term Holders back to new demand is accelerating, with over 44% of the network wealth now owned by coins aged less than 3 months old.
- Profit taking continues to dominate investor behavior, with both the Long and Short-Term Holder cohorts taking chips off the table. Overall profit dominance is however shifting towards the Long-Term Holders.

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