This take is wrong ❌
I’ve said it several times, and I’ll say it again.
Since the movement of nearly 800,000 BTC by Coinbase, a large amount of on-chain data has been impacted.
Coinbase destroyed LTH UTXOs and created new ones when BTC was trading around $85,000 on November 22 and 23.
💡 As a result, all datasets across all platforms incorporated this movement, affecting UTXO-based metrics, time and value cohorts, STH cost basis, realized value, volumes, and more.
In this example, which claims that LTHs have never sold so much, a take that was even picked up by Bloomberg, the data has been heavily distorted.
After manually adjusting the data to isolate and remove Coinbase-related transactions, this is what the LTH supply change actually looks like.
A certain analyst, whose work I greatly respect (and who will recognize himself), once said :
“Part of being a great analyst is adding context and not taking the data at face value.”
I fully agree with that statement.
It is up to us, data-focused analysts, to make sure our analyses are solid, because they will be picked up by major media and by accounts that trust our work to share it to everyone.
💥 If we go back to the chart now, it is true that LTHs have resumed distributing, but in a completely normal way, consistent with how they have behaved throughout this entire cycle.
