About 14% of the BTC 3.46%/">Bitcoin supply has been redistributed since July, with a total of 20.1% of Bitcoin suppliers acquired between the equilibrium price ($16,500/BTC) and the realized price ($21,100/BTC).
Both the magnitude of the redistribution of wealth and the eventual concentration of supply at the bottom will be lower in the 2022 cycle than at the end of the 2018-19 cycle.
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This is further evidence that more consolidation and duration may be required to fully form a bear market bottom. However, the redistribution that has taken place so far is significant and certainly shows that a resilient holder base is actively accumulating Bitcoin in this range.
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