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Onwards with on-chain. Decreases in long-term supply due to profit taking is a pattern repeatedly seen in previous cycles. Similarly, supply goes up during the re-accumulation phase when there is a price dip. BTC’s recent failed attempt to establish a strong foothold above $50k as treasury yield soars may signal the arrival of another re-accumulation phase. However, at the end of the day, what we know for sure is that illiquid supply keeps rolling, while the long-term trend remains bullish.