Michael Nadeau

We can see it dropped off during wealth distribution.

Now we're seeing long-term holders actually starting to step back into the market a little bit.

So that's an interesting metric that we keep an eye on.

The supply and loss for long-term holders, you can see that in the early bull period, it was like 36%.

It comes down as Bitcoin rises, goes all the way to zero, and then it starts to come up again.

So we're up to 19%.

We're looking to see that get closer to 30% or so.

the price to the 200 week moving average.

Bitcoin typically will trade down to its 200.

It's a longer term, 200 week moving average.

That's about a four year moving average.

In the last few bear markets, we came to it.

We went below it in the last.

We're still above it here.

We look at the 12-month RSI.

It's more of a momentum indicator, but that's something we will look at.

That's already down to 45 or so.

It usually gets down to about 40.

That's a momentum indicator.

And because we've come off quite a bit, it's already getting down to those levels.