Hello readers,

Imagine you could analyze the cost basis of every Apple shareholder. You’d be able to see what % of buyers entered near the peak of a bull market, how many sold into a 20% drawdown, and whether long-term holders were buying that dip.

The advantage of onchain data is that we can run this type of analysis amongst Bitcoin holder cohorts.

That’s the focus this week. To better understand how much of 2025’s “hot money” has rotated to new hands, six months into the bear market.

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BTC Market Structure Update

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BTC: Market Structure Update

Has last years "hot money" rotated?

Topics Covered