There is an upside to this. This is adoption. The mental models of those groups composing the place where self-custody coins are flowing to are based on a monetary system with extreme, if not virtually infinite, elasticity. They will degen gamble their way to bitcoin poverty very quickly compared to the steady accumulation of users. What that graph does not show is the previous 15 years of steady accumulation of coins that are still under control (not lost keys). This trajectory is changing because retail is involved. Retail degens are that right-hand decline. The coins they lose chasing gainz are adding to the accumulation rate of hodlers. "Cheap sats." You know the story. Sure, it looks bad in the short term. But in the long term, this is the expected effect of people treating bitcoin as though it is a fuzzy, elastic fiat money—based on its debt (accumulation of supply) and default (writing off, aka "burning money"). If you treat a supply-inelastic money as though it is elastic, it is like smacking your head against the wall. The more you use fiat to drive your money velocity at the hard, immovable object, the harder it will knock you out. It's literally a sign that a *resistable* force (through stoic discipline) is about to meet an immovable object. You all know how that falls out. The bitcoiners learned this over 3 cycles. the degens just arrived; they don't have the nerves of steel trained to recognise the trajectory and lever down and hodl.