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© 2026 The Markets Unplugged · Data in. Conviction out. - Published with Ghost & Aspect

Bitcoin Supply Rotation and Reserve Risk: Structure Over Sentiment

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    Bitcoin on-chain analysis, market cycles, and holder behaviour at The Markets Unplugged. Creator of Alt Sector Radar and Bitcoin Barometer. Maps on-chain signals to cycle phases.
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  • April 21, 2025
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  • 4 min read
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Bitcoin Supply Rotation and Reserve Risk: Structure Over Sentiment
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Bitcoin is holding firm above $87,000. Price action may appear flat, but under the surface, the market is undergoing a clear structural reorganisation. The flow of supply — not the noise of short-term price — reveals who is accumulating, who is exiting, and who remains in control.

This report examines two distinct on-chain developments: the ongoing transfer of supply between wallet cohorts, and the conviction signal delivered by Reserve Risk. The evidence points not to distribution, but to controlled accumulation beneath consolidating price.


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Doc Doc
Bitcoin on-chain analysis, market cycles, and holder behaviour at The Markets Unplugged. Creator of Alt Sector Radar and Bitcoin Barometer. Maps on-chain signals to cycle phases.
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The Markets Unplugged · Data in. Conviction out.
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