Following the 75% drawdown from the all-time high this year, 11.5% of the supply is currently held around the $17k price level. The increase in holdings between $17k and $24k may indicate a lot of demand has been swept up. Below $17.6k, all coins that have not moved must be defined as long-term holders, as Bitcoin has not dropped below this price since 2020. However, these investors can be considered mature long-term holders. The coins are lost or owners are unwilling to sell up to this point.<\/p>\n The following chart shows the type of cohorts buying at these price levels. The entity-adjusted version of the URPD Metric<\/a> offers the supply segmented by Long-Term Holders (blue), Short-Term Holders (red), and Exchange balances (grey). All supply is shown in the price bucket at which the respective entity has (on average) acquired its coins.<\/p>\n Concerning Short Term Holders (holding BTC for less than 155 days), you can see the transfer of ownership from long to short-term holders around the $20k, from long-term holders capitulation sellers to HODLers or investors. They see value in these price ranges.<\/p>\n There has strong buying at psychological levels from both short and long-term holders at 20,30 and 40k. There is a lot of long-term holder supply currently underwater. It will be interesting to watch if short-term holders convert to long-term holders around the 40-50k range.<\/p>\n Shrimp cohorts with less than 1 Bitcoin have been stacking Sats relentlessly throughout the price ranges. Shrimps appear unfazed by price action and have purchased a significant amount of Bitcoin at current lower price levels compared to similar historical price ranges. The black vertical bar shows the market price at the chart production timestamp.<\/p>\n Interestingly, most exchange coins were bought between $30k and $49k with very little above, if any, above $40k. This information is crucial when assessing the liquidity of an exchange that holds Bitcoin on its balance sheet. At the current level of $23,800, exchanges are underwater by around 65% on the coins they have not sold.<\/p>\n There has been less buying by exchanges below $30k. However, around 350K BTC was purchased at the psychological level of $20k, totaling around $7 billion at the time of sale. Addresses with less than 10k Bitcoins primarily defended the level.<\/p>\n The following tweet by Prof. Chaine displays an animated version of the UDRP chart over time.<\/p>\n On peut ais\u00e9ment voir cette dynamique prendre forme et l'offre changer de propri\u00e9t\u00e9 d\u00e8s que le prix a invalid\u00e9 le niveau des 20k $<\/p>\n Depuis, pr\u00e8s de 2,6 millions de BTC, soit 13,9% de l'offre en circulation ont \u00e9t\u00e9 \u00e9chang\u00e9s entre 17,8k $ et 22,5k $ pic.twitter.com\/zIDsJWhCpz<\/a><\/p>\n — Prof. Cha\u00eene (@profchaine) July 28, 2022<\/a><\/p><\/blockquote>\n![\"utxo](\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/07\/image-12.png\")
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