A bit of a fundamental summary of bitcoin in macro and micro t | Reserve

A bit of a fundamental summary of bitcoin in macro and micro terms in order to understand whether the market belongs to one of the market cycles (bear or bull):
The chart above shows a section of coins older than 1 year (which have not been spent or sold for more than a year). This averaged statistic allows us to distinguish distribution zones (when 1+ coins are spent) and accumulation (when these coins are accumulated). The graph shows a clear pattern of cycles since 2017. At the moment of decline (from ATH in 2021) there is a steady accumulation of coins that are moving into the 1+ year age cohort, which suggests a steady accumulation trend (coin maturation).