[ayngg]

The article looks like some kind of ad for 21shares, which isn't even primarily an on chain analytics firm. I assume it is looking at on chain data for liquid btc to see what percentage of that is currently being held at a price lower than when it was last transacted.

[nostrademons]

On-chain data is basically useless when it comes to Bitcoin investors. The vast majority of people who hold Bitcoin for price speculation do so through an exchange like Coinbase or Binance. There the Bitcoin is just held in an exchange's wallet, commingled with millions of other customers, and the exchange holds a private record of each customer's individual balance. The exchange generates a wallet address for a customer only when they want to send crypto to their account.

It's the civil libertarians, criminals, and tech aficionados that hold Bitcoins in unhosted wallets. When there's on-chain activity for these groups, though, it's usually a transaction rather than a trade. They hold Bitcoin for the activities they can do with it, not for any hope of the price rising.