Here's what the numbers tell us: roughly 30% of all Bitcoin is sitting at a cost base that's $90,000 or more below today's price. We're talking about 3 million plus Bitcoin held by accounts with entry points at four digits or below. These aren't traders cycling positions—they're accumulators. Long-term holders. And that's the thing: when you've already won that hard, what's the incentive to keep buying? To keep pushing the market higher?

That's the real question worth asking. If the goal is actually to accumulate Bitcoin at scale, to move the needle on market structure, the playbook can't just be hodling what you've already stacked. It requires continuous demand. It requires stepping back into the market instead of waiting it out.