Executive Summary
- Volatility, volume, and realized value are at multi-year lows, suggesting liquidity is increasingly thin, and investor apathy is now firmly in play.
- The undercurrent of BTC supply continues to flow out of exchanges, miners and and whale wallets, and towards HODLer entities of all sizes at a healthy rate.
- Comparisons to past cycles suggests that the market is likely within a transitional period, characterized by investor apathy, and boredom. However, the halving event creeps ever closer, now just 305-days away.
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