BTC market structure is in a tough spot right now. Case & point: - 40% of the supply is held at a cost basis above $78k. This was 42% prior to last weeks sell off. So, we've shaken out some weak hands, but not many. - There was a massive cluster of purchases/coins moved over the last three months (2.5% of the supply!) between $84.4 and $84.8k. It appears that this was the “buy zone” for market participants who were fading the idea of a 4-year cycle. --- So, if BTC gets a retracement move, it will be interesting to see how market participants who are underwater on their holdings respond. Do they seek to "get out? Or do they have more ammo left? Sharing my thoughts and analysis tomorrow with readers of The DeFi Report. If you'd like to have the latest research hit your inbox when it's published, you can sign up below 👇