40% of $BTC supply hasn't moved since 2022 or earlier — that's 8.08M coins sitting cold.

The other 60% (11.99M $BTC) has been active in the last 4 years.

This is peak diamond hands behavior. Long-term holders aren't budging, even through cycles. Supply shock mechanics stay intact.

If you're not stacking and holding through volatility, you're ngmi.