As Long-Term Holders (LTHs) transition from a high-spending regime in H2 2025 to lower spending in Jan 2026, their profit-taking volumes have cooled to levels typically observed in shallow bear phases. Such conditions are often associated with heightened uncertainty and tend to emerge during mid-bull market pauses or the early stages of deeper bear markets. 📉http://glassno.de/4pzkKgI(glassnode)