The Week On-Chain 35, 2024
Market speculation remains relatively subdued for Bitcoin, with investors locking in only marginal profit and losses, and a reset across perpetual swap markets. Historically, periods of quiet and calm market structure are short-lived, and often precede an expectation for heightened volatility.

Executive Summary
- Net capital flows into the Bitcoin assets have markedly cooled, with only marginal profit and loss-taking events by investors.
- Loss-taking events are almost exclusively associated with the Short-Term Holder cohort.
- However, a significant proportion of supply held by this cohort is transitioning into Long-Term Holder status, having been held for at least 155 days.
- Speculation in the perpetual swap market has experienced a full reset, suggesting a cooling off of speculative interest and long-biased leverage.

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