Pressure Builds on Diamond Hands

Bitcoin prices continue to consolidate around the $20k range this week, as the market digests the extreme downside volatility of June. Prices traded higher, opening at a weekly low of $18,971, and peaking at $22,230.

With the market now down over 75% from the all-time-high, even the strongest and longest term Bitcoin holders are feeling the pressure. Both Long-Term Holders and Miners are in the spotlight this week, as the market attempts to find a bottom amidst persistent macroeconomic uncertainty.

In this edition, we will seek to extract and identify key characteristics that have historically described the formation of Bitcoin bear market floors. This is a period of time where forced sales pass by, seller exhaustion is reached, and downside pressure begins to wane. We will explore this from a number of angles ranging from:

• A final flush out of even the strongest hands, creating seller exhaustion.
• The redistribution of wealth from low to high conviction holders.
• A recovery of demand from both Big and Small entities.
• A capitulation of the miner cohort which appears to be underway.

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