Fresh addresses are accumulating Bitcoin despite the heavy price drawdown

Bitcoin’s volatility intensified in the second week of January, with its price falling 6.25% between Jan. 6 and Jan. 12 to $90,900 from $96,960. While this is still in line with expected drawdowns during bull cycles, the drop provides an excellent case study for analyzing the market’s behavior.

Observing the changes in realized price through the UTXO age distribution can help us clearly understand which addresses have been accumulating BTC during this period.