The Week On-Chain 23, 2024
After months of apathy and sideways price action, the first glimmers of speculative activity is beginning to re-appear. The market responded to a false alarm regarding the distribution of Mt.Gox supply, however this offers a lens into how we can consider these events using onchain data.

Executive Summary
- The majority of Bitcoin investors are holding unrealized profits, and the first signs of speculation appetite is returning to the market after two months of sideways trading.
- The Short-Term Holder cohort are shouldering the vast majority of market losses, a condition typically observed during bull market corrections from new ATHs.
- Both Long and Short-Term Holders have experienced a reset in their Sell-Side Risk ratio, suggesting a new equilibrium has been found. This indicates that the market is ready to move, and volatility expectations for the near future should be heightened.

Read more in The Week On-Chain newsletter.