The Week On-Chain 25, 2024
Despite choppy price action, the unrealized profit of Bitcoin investors remains constructive. However, volumes across all market facets are declining markedly as an equilibrium between demand and sell-side forces is established.

Executive Summary
- Despite chaotic price action, investor profitability remains robust, with the average coin holding an unrealized profit of around 120%.
- The demand side has been sufficient to absorb sell-side pressure and HODLer divestment but insufficient to promote further upward growth.
- The cash-and-carry trade continues, with a particular uptick by institutional traders, reinforcing an expectation of range-bound trading for the time being.

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