Long-term Bitcoin holders have sold over 400,000 BTC in the past 30 days, nearly 2% of total supply, marking one of the largest distribution phases since late 2024. This suggests Bitcoin remains in a distribution phase: long-term holders are realising profits, while institutional and ETF inflows appear to be gradually absorbing supply, helping the market remain relatively stable. Still, this consolidation could persist, as the long-term holder negative net position change hasn’t yet reached early-2025 levels, indicating that ancient whale distribution may still be underway.(BloFin Research)