Long-term holders have been a major selling force in every Bitcoin cycle, but unlike past cycles, their pattern changed this time. Historically, LTHs only began distributing after Bitcoin entered a parabolic phase. This time, they’ve been steadily selling ever since the bull run began in late 2024. Their mindset makes sense: 🔹 Institutional liquidity now allows them to sell large amounts with minimal slippage 🔹 The failed “supercycle narrative” of 2021 and the subsequent deepest crypto winter left deep scars, many prefer to front-run the peak rather than risk another brutal drawdown This shift in psychology has been a key driver of the persistent LTH selling trend visible in the chart below.(BloFin Research)