Strategy vs Cycle Intelligence — $53.5B in Gains Evaporated

845,256 BTC. 4% of all Bitcoin. Still profitable at +$20B. But $53.5B in unrealized gains evaporated between the ATH and today.

The NHCI was at 75+ when BTC peaked at $126K. Today it sits at 27.4 (BOTTOM phase, day 16).

• Holdings: 845,256 BTC ($53.1B)
• Cost basis: $33.14B (avg $39,210/BTC)
• At ATH: $106.7B (+$73.5B gain)
• Today: $53.1B (+$20B gain)
• Evaporated: $53.5B

NeverHodl is not anti-Bitcoin. It questions the route, not the destination.

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Conviction without data is courage. Conviction with data is strategy. — NeverHodl™