The Week On-Chain 26, 2024
As Bitcoin struggles to reclaim the recent ATH, we investigate the Long and Short-Term cohorts contribution to the supply and demand side. We also leverage the new breakdown metrics to evaluate the spending behavior and market influence of differing subsets of Long-Term investors.

Executive Summary
- The market has effectively traded sideways since the $73k all-time-high which was set in March. By our estimates, demand momentum has turned negative since early May.
- We analyse the cost-basis of short-term investors as a method to inspect capital flows into the market.
- Looking at the spending behaviour of long-term holders, it can be seen that although the spent volume by these players constitutes only 4%-8% of the total volume, the profits realized from this spending typically account for 30%-40% of cumulative profits realized over bull markets.

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