We study the nature of charm degrees of freedom near the chiral crossover based on lattice QCD calculations of the second and fourth-order cumulants of charm fluctuations, and their correlations with net baryon number, electric charge, and strangeness fluctuations. We show that below the chiral crossover temperature, [Formula: see text], the thermodynamics of charm can be very well understood in terms of charmed hadrons. We present evidence that above [Formula: see text], however, charm quark-like excitations emerge as new degrees of freedom contributing to the partial charm pressure. Nonetheless, up to temperatures as high as 175[Formula: see text]MeV, charmed hadron-like excitations significantly contribute to the partial charm pressure.
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