From f41874f438b5d75579fba58b1ebb8ce84dc5ffbd Mon Sep 17 00:00:00 2001
From: nym21 <expat-epochs0i@icloud.com>
Date: Wed, 3 Jun 2026 18:07:11 +0200
Subject: [PATCH] website: redesign part 6

---
 ....woff2 => Lilex-Italic[wght]-v2_620.woff2} | Bin
 website/learn/data.js                         | 145 ++++++++++++++++++
 website/learn/index.js                        |  32 ++--
 website/learn/style.css                       |  98 ++++++++++--
 website/main.js                               |   2 +-
 website/styles/fonts.css                      |   1 +
 6 files changed, 255 insertions(+), 23 deletions(-)
 rename website/assets/fonts/{Lilex-Italic[wght]-v2_620.woff2.woff2 => Lilex-Italic[wght]-v2_620.woff2} (100%)

diff --git a/website/assets/fonts/Lilex-Italic[wght]-v2_620.woff2.woff2 b/website/assets/fonts/Lilex-Italic[wght]-v2_620.woff2
similarity index 100%
rename from website/assets/fonts/Lilex-Italic[wght]-v2_620.woff2.woff2
rename to website/assets/fonts/Lilex-Italic[wght]-v2_620.woff2
diff --git a/website/learn/data.js b/website/learn/data.js
index 19a04c4cd..6b55ebd2b 100644
--- a/website/learn/data.js
+++ b/website/learn/data.js
@@ -144,4 +144,149 @@ export const sections = [
       },
     ],
   },
+  {
+    title: "Ownership",
+    description:
+      "How coins are held across balances, entities, custody patterns, and long-term cohorts.",
+    chart: "Ownership overview",
+    children: [
+      {
+        title: "Balances",
+        description:
+          "Address and entity balances grouped by size, concentration, and historical change.",
+        chart: "Balance cohorts",
+        children: [],
+      },
+      {
+        title: "Entities",
+        description:
+          "Estimated ownership clusters and how their behavior changes through market regimes.",
+        chart: "Entity supply",
+        children: [],
+      },
+      {
+        title: "Custody",
+        description:
+          "Coins associated with exchanges, funds, miners, and other observable custody groups.",
+        chart: "Custody balances",
+        children: [],
+      },
+    ],
+  },
+  {
+    title: "Liquidity",
+    description:
+      "How available supply changes as coins move between liquid, illiquid, and exchange venues.",
+    chart: "Liquidity overview",
+    children: [
+      {
+        title: "Liquid Supply",
+        description:
+          "Coins held by entities that tend to spend, trade, or redistribute frequently.",
+        chart: "Liquid supply",
+        children: [],
+      },
+      {
+        title: "Illiquid Supply",
+        description:
+          "Coins held by entities with low spending history and stronger accumulation behavior.",
+        chart: "Illiquid supply",
+        children: [],
+      },
+      {
+        title: "Exchange Flow",
+        description:
+          "Deposits, withdrawals, and balance changes across known exchange clusters.",
+        chart: "Exchange netflow",
+        children: [],
+      },
+    ],
+  },
+  {
+    title: "Risk",
+    description:
+      "Stress, leverage, drawdown, and valuation conditions that shape market fragility.",
+    chart: "Risk overview",
+    children: [
+      {
+        title: "Drawdown",
+        description:
+          "Distance from prior highs and the depth of cycle retracements over time.",
+        chart: "Drawdown",
+        children: [],
+      },
+      {
+        title: "Stress",
+        description:
+          "Periods where losses, volatility, and fee pressure concentrate together.",
+        chart: "Network stress",
+        children: [],
+      },
+      {
+        title: "Leverage",
+        description:
+          "Market conditions that indicate amplified exposure and forced positioning risk.",
+        chart: "Leverage proxy",
+        children: [],
+      },
+    ],
+  },
+  {
+    title: "Cycles",
+    description:
+      "How Bitcoin behaves across halvings, adoption waves, liquidity regimes, and market phases.",
+    chart: "Cycle overview",
+    children: [
+      {
+        title: "Halvings",
+        description:
+          "Supply issuance changes and their relationship to market and miner behavior.",
+        chart: "Halving cycles",
+        children: [],
+      },
+      {
+        title: "Phases",
+        description:
+          "Bull, bear, recovery, and transition periods described through on-chain behavior.",
+        chart: "Cycle phases",
+        children: [],
+      },
+      {
+        title: "Comparisons",
+        description:
+          "Cycle-to-cycle comparisons normalized by time, price, drawdown, or supply behavior.",
+        chart: "Cycle comparison",
+        children: [],
+      },
+    ],
+  },
+  {
+    title: "Cohorts",
+    description:
+      "Groups of market participants organized by age, balance, cost basis, and observed behavior.",
+    chart: "Cohort overview",
+    children: [
+      {
+        title: "Short Term",
+        description:
+          "Recently moved coins and holders more sensitive to price, volatility, and liquidity.",
+        chart: "Short-term holder supply",
+        children: [],
+      },
+      {
+        title: "Long Term",
+        description:
+          "Older coins and holders with stronger dormancy, conviction, or lower spend frequency.",
+        chart: "Long-term holder supply",
+        children: [],
+      },
+      {
+        title: "Cost Basis",
+        description:
+          "Estimated acquisition prices across cohorts and how they frame profit and loss.",
+        chart: "Cohort cost basis",
+        children: [],
+      },
+    ],
+  },
 ];
diff --git a/website/learn/index.js b/website/learn/index.js
index 213418fec..27867e702 100644
--- a/website/learn/index.js
+++ b/website/learn/index.js
@@ -81,9 +81,12 @@ function createContents() {
   return nav;
 }
 
-/** @param {HTMLElement} main */
-function initScrollSpy(main) {
-  const titles = [...main.querySelectorAll("h1[id], h2[id]")];
+/**
+ * @param {HTMLElement} main
+ * @param {HTMLElement} article
+ */
+function initScrollSpy(main, article) {
+  const titles = [...article.querySelectorAll("h1[id], h2[id]")];
   const visible = new Set();
   const links = new Map(
     [...main.querySelectorAll('nav a[href^="#"]')].map((link) => [
@@ -108,16 +111,19 @@ function initScrollSpy(main) {
     current = hash;
   }
 
-  const observer = new IntersectionObserver((entries) => {
-    for (const entry of entries) {
-      if (entry.isIntersecting) {
-        visible.add(entry.target.id);
-      } else {
-        visible.delete(entry.target.id);
+  const observer = new IntersectionObserver(
+    (entries) => {
+      for (const entry of entries) {
+        if (entry.isIntersecting) {
+          visible.add(entry.target.id);
+        } else {
+          visible.delete(entry.target.id);
+        }
       }
-    }
-    update();
-  });
+      update();
+    },
+    { root: article },
+  );
 
   for (const title of titles) {
     observer.observe(title);
@@ -134,7 +140,7 @@ export function createLearnPage() {
   }
 
   main.append(article, createContents());
-  initScrollSpy(main);
+  initScrollSpy(main, article);
   return main;
 }
 
diff --git a/website/learn/style.css b/website/learn/style.css
index 12536a6ea..32a0d492c 100644
--- a/website/learn/style.css
+++ b/website/learn/style.css
@@ -1,27 +1,59 @@
 main.learn {
+  --sticky-h: 5rem;
+  --sidebar-top: 6rem;
+  --sidebar-bottom: 1rem;
+
   display: grid;
   grid-template-columns: minmax(0, 1fr) 14rem;
+  grid-template-rows: minmax(0, 1fr);
   gap: 4rem;
-  padding: 8rem 2rem 6rem;
+  overflow: hidden;
 
   article {
-    width: min(100%, 52rem);
-    justify-self: center;
+    position: relative;
+    counter-reset: theme;
+    min-width: 0;
+    min-height: 0;
+    overflow: auto;
+    scroll-behavior: smooth;
+    scrollbar-gutter: stable;
+
+    &::before {
+      content: "";
+      position: sticky;
+      top: 0;
+      z-index: 2;
+      display: block;
+      width: min(100%, 52rem);
+      height: var(--sticky-h);
+      margin-inline: auto;
+      margin-bottom: calc(-1 * var(--sticky-h));
+      background: var(--black);
+      pointer-events: none;
+    }
+
+    > section {
+      counter-increment: theme;
+      counter-reset: topic;
+      width: min(100%, 52rem);
+      margin-inline: auto;
+    }
 
     > section + section {
       margin-top: 8rem;
     }
 
     section section {
+      counter-increment: topic;
       margin-top: 4rem;
     }
   }
 
   h1,
   h2 {
-    font-weight: 400;
+    position: sticky;
+    background: var(--black);
     line-height: 1;
-    scroll-margin-top: 6rem;
 
     a {
       position: relative;
@@ -30,7 +62,6 @@ main.learn {
       text-decoration: none;
 
       &::before {
-        content: "#";
         position: absolute;
         top: 50%;
         right: 100%;
@@ -57,11 +88,30 @@ main.learn {
   }
 
   h1 {
+    z-index: 3;
+    top: var(--sticky-h);
+    scroll-margin-top: var(--sticky-h);
+    padding-bottom: 0.5rem;
+    border-bottom: 1px solid var(--dark-gray);
     font-size: 2.75rem;
+
+    a::before {
+      content: counter(theme, upper-roman) ". ";
+    }
   }
 
   h2 {
+    z-index: 1;
+    top: var(--sticky-h);
+    scroll-margin-top: var(--sticky-h);
+    padding-top: 3.5rem;
+    padding-bottom: 0.5rem;
+    border-bottom: 1px dashed var(--dark-gray);
     font-size: 1.5rem;
+
+    a::before {
+      content: counter(topic) ". ";
+    }
   }
 
   p {
@@ -89,9 +139,12 @@ main.learn {
   }
 
   > nav {
-    position: sticky;
-    top: 6rem;
-    align-self: start;
+    counter-reset: content-theme;
+    min-height: 0;
+    overflow: auto;
+    scrollbar-gutter: stable;
+    padding-top: var(--sidebar-top);
+    padding-bottom: var(--sidebar-bottom);
     font-size: var(--font-size-xs);
     line-height: var(--line-height-sm);
     text-transform: uppercase;
@@ -102,12 +155,21 @@ main.learn {
       padding: 0;
     }
 
+    > ol > li {
+      counter-increment: content-theme;
+      counter-reset: content-topic;
+    }
+
     ol ol {
       margin-top: 0.5rem;
       margin-left: 1rem;
       color: var(--gray);
     }
 
+    ol ol > li {
+      counter-increment: content-topic;
+    }
+
     li + li {
       margin-top: 0.5rem;
     }
@@ -116,9 +178,27 @@ main.learn {
       color: inherit;
       text-decoration: none;
 
+      &::before {
+        opacity: 0.5;
+      }
+
       &:hover {
         color: var(--orange);
       }
     }
+
+    > ol > li > a::before {
+      content: counter(content-theme, upper-roman) ". ";
+    }
+
+    ol ol > li > a::before {
+      content: counter(content-topic) ". ";
+    }
+  }
+}
+
+@media (prefers-reduced-motion: reduce) {
+  main.learn article {
+    scroll-behavior: auto;
   }
 }
diff --git a/website/main.js b/website/main.js
index 373c265a4..5987b96df 100644
--- a/website/main.js
+++ b/website/main.js
@@ -27,7 +27,7 @@ function normalizePath(pathname) {
 function updateCurrentLink(pathname) {
   const currentPath = normalizePath(pathname);
 
-  for (const link of document.querySelectorAll("nav a")) {
+  for (const link of document.querySelectorAll("body > header > nav a")) {
     const linkPath = new URL(/** @type {HTMLAnchorElement} */ (link).href)
       .pathname;
 
diff --git a/website/styles/fonts.css b/website/styles/fonts.css
index c724514f9..a2989d984 100644
--- a/website/styles/fonts.css
+++ b/website/styles/fonts.css
@@ -46,6 +46,7 @@ h1,
 h2,
 h3 {
   font-family: var(--font-serif);
+  font-weight: 400;
 }
 
 code {