IT Tech
Long-term Bitcoin holders are unloading into strength again
This 30-day LTH distribution spike is one of the largest in the last 5 years, and these usually show up near macro tops, not bottoms. • LTH supply is rolling over from record highs • Spot trades well above LTH realized price • Old coins are locking in big profits, not capitulating Takeaway: this looks like late-cycle distribution and de-risking, not fresh accumulation. Adjust your risk, not your hope.