The volatility of Bitcoin's price has led it to test the $83,000 level again, while the lost Bitcoin supply has significantly decreased. On-chain analyst Joao Wedson attributes this trend to Bitcoin approaching the $100,000 mark, which has changed the market's economic incentive mechanisms. This has prompted Bitcoin held in long-dormant wallets to be withdrawn, including holdings from exchange cold storage and OG whales, as well as recovered Bitcoin from old backups and legal custody, effectively reclassifying previously "lost" Bitcoin as active supply. Meanwhile, market data shows that large holders are accumulating low-leverage long positions, while high-leverage retail positions face liquidation.