On-chain metrics reinforce this narrative. Daily realized value — a measure of actual coins changing hands—has exceeded $3 billion consistently over the past week. Simultaneously, long-term holders have mobilized significant positions: more than 500,000 BTC dormant for five years or longer have moved in 2025, including a record 123,600 BTC from wallets inactive for over a decade. Risk Concentration Among Recent Entrants The current market structure presents specific vulnerabilities. At the $96,000 price lev ...