Dear Dhruv,
Great chart, enjoyable read and most of all a very crucial aspect of the BTC behaviour.
I’ve pointed out to the network activity and price disconnect here:
And in my reply to Vikram, said that the reason could be a new wave of investors that are holding on rather than using BTC:
However, this was an intuitive process much like a hypothesis to be tested and your research verifies that there is a holding behaviour. Yet — and that’s Part 2 I guess, a portion of the BTC could be lost and eventually end up 5yr+ but that wouldn’t change the overall picture. Anyway I’ll wait for Part 2 on that.
Furthermore, this topic in general refers to what exactly is typology of a BTC holder. An investor seeking a return? An investor for the long run? A user? A hybrid? Reality is generally grayish but it seems that the dominance of holding is slowly taking center stage for BTC and thus causing a disconnect between price and network activity which should be re-evaluated with this BTC-age-related holding behaviour.
Thanks for a great read..