OP, it is the first time that I am seeing that graph of Bitcoin and it seems as though there are a definite pattern of growth over the long-term. We know the "Halving" is supposed to have an impact on the price, because it reduces the amount of coins that are given as a Block reward for mining, but it does not guarantee an increase in the price.
It is actually nice to see some kind of pattern forming and that it is sustained over the long-term. In
theory... as adoption grows, Bitcoin supply must go down and the demand for it should increase ...thus pushing up the price.
A lot of bitcoins are used for gambling, so it explains why some people are not hoarding coins for a long period. Lately, people are also buying bitcoins to pay for "Pornhub" and other adult sites, so those coins change ownership very quickly.
I think that chart is not shocking if you ask me. Why? Because bitcoin was created only 10 years ago, and 5 years a long time, which means for the past 5 years there has been a lot of people who bought and will hold for 5 more years but they bought less than 5 years ago, over time there will be more people with 5+ years, for example in 5 years that graph will show more long term holders and in 10 years it will show even more than that, and in 20 years it will show even more ..... well you see where this is going.
This is why I can honestly tell you that rap is as expected as it gets, it is something that will become the norm over time. It is actually even a problem considered by some people, if everyone holds bitcoin then what's going to happen in the future? If we have just 100 bitcoin in the market traded while everyone else holds, that would be horrible, sure it will not be 100, but it will get less and less compared to today.