Fidelity Digital Assets flagged the record: 14.8 million BTC now sitting in long-term storage. Nearly 40 percent of that supply is presently at a loss — the exact level that has historically aligned with Bitcoin’s bottoming process. Phong Le reposted from the Strategy handle, which is not a coincidence — the Capitalist tier reads the same charts the Fundamentalist tier does. Long-term holders sit through drawdowns. Panic sellers exit at losses. The tape sorts the two, and the operator class buys what the tape sells. History does not repeat, but it rhymes hard on a supply-in-loss chart that maps the last three cycles.