Hello readers,

As a quick heads up: TDR Pro annual memberships are 30% off through Friday (11/28).

If you’ve been thinking about upgrading or locking in a full year of research + data at a discount, this is the best time to do it.

A subscription gets you access to our portfolio, “cycle awareness” updates, market updates, and curated datasets (which informed our move to “risk-off” in early October, ahead of the 35% drawdown for BTC).

We will be adding additional features and raising the price next year (existing members lock in at current prices).

Your support allows us to double down and deliver even better research + data.

Back to the program.

At The DeFi Report, we pride ourselves on our:

1. Understanding of the prevailing market narratives.

2. Use of data to determine if they are true or not.

Now. The most common explanations for BTC’s recent price action generally fall into a few categories:

• “Crypto native investors are front-running the four-year cycle.”

• “OG’s are getting out.”

• “It’s Bitcoin’s IPO moment.”

But is there real evidence that long-term holders and OG whale addresses behaved differently this cycle?

In this week’s report, we are on a truth-seeking mission to investigate that very question.

Disclaimer: Views expressed are the author’s personal views and should not be relied upon as investment advice.

Let’s go.

Change in Inactive Supply for Aged Holder Cohorts

Total 3-10 Year Inactive Supply