📈 [Analysis] Bitcoin UTXO holder analysis through cycles - Delphi Digital

In a follow-up report to complement their "The State of Bitcoin" short term outlook on the value of Bitcoin ($BTC), Delphi Digital published a robust analysis of timing future market cycles by looking at trends in UTXO sets, originally called "hodl waves" in a similar, earlier write up from Unchained Capital. In this report, Delphi expands on the hodl wave concept to explain why UTXO set data are valuable to timing the market and suggest frameworks for identifying when selling pressures will likely wane to forecast price movements.