The distribution of the local slopes has remained stable for more than 17 years. To test this rigorously, we use the Jensen–Shannon (JS) divergence, a very sensitive statistical measure designed to compare probability distributions.

If the JS divergence remains stable over time, it means the underlying distributions are essentially the same. In this analysis, the JS divergence is computed over rolling one-year windows, which provides enough data to obtain meaningful statistics.
Importantly, the JS divergence is bounded, and in our results it does not show any systematic growth over time. This indicates that the statistical structure of the slope distribution has remained stable.
In other words, the same power-law dynamics has been operating throughout Bitcoin’s entire history. Despite major events—multiple bull and bear cycles, the FTX collapse, the introduction of ETFs, and many other shocks—the underlying scaling behavior has remained unchanged.