At the start of the year, short-term Bitcoin holders were riding high, basking in the glow of a rapidly appreciating market. Profitable coins shot up to an impressive 95% during a mid-January rally. But then, like a swift breath being sucked in, the tides turned, hitting a low in April where less than one in 50 coins held unrealized gains. How did this drastic shift unfold, and what hidden market forces are at play, subtly dictating Bitcoin’s roller coaster of fortune? Dive into the full story to uncover the forces shaping these market movements.