"Bitcoin retail holders have panic sold in recent months. However, long term holders remain resilient. Bitcoin holders inactive for more than 1 year stands at 60% of total supply. This ownership structure is unique to Bitcoin signifying long term ’believers’ who remain insensitive to Bitcoin volatility holding Bitcoin as a ’store of value’. This is despite Bitcoin’s significant underperformance vs. Gold last year. Almost ~14% of Bitcoin is held by ETFs, digital asset treasuries (incl. Strategy) and by governments. Bitcoin’s resilient capital base is growing." - Bernstein