This charts shows how the Bitcoin supply changed since 1-Nov-24, before rally to $100k. Proportion of sellers: 10% from below $10k (HODLers) 38% below $55k (Last cycle buyers) 62% between $55k & $73k (2024 Chop traders) HODLers are a third part of the selling. Traders and TradFi money are two thirds of it.