From the BI Report published on Monday: Facing Top-Buyers Selling Expanding this comparison, we can look at the top-buyer supply clusters sitting above spot to gauge how top-heavy the market has become. The cluster of supply acquired above $90k is noticeably denser than the equivalent top-buyer zone in Q1 2022, indicating a larger concentration of recent investors now holding unrealized losses. Despite this difference, the market dynamic is the same in both periods, where these investors realize losses or rush to exit at breakeven during any recovery, capping the upside. As a result, the Short-Term Holder Cost Basis, now at $104.2k and trending lower, remains the effective ceiling for this phase of the range.(Sina 🗝️⚡ BI Report)