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$BTC CAUTION SIGNAL: LONG-TERM HOLDERS ARE STARTING TO SELL
Something important is shifting under Bitcoin’s price — and it’s easy to miss if you’re only watching the chart.
The Long-Term Holder (LTH) Net Position Change has turned negative.
That means experienced holders are now distributing, not accumulating.
This is not random noise.
Historically, when you zoom out to the 365-day trend, LTH distribution has appeared near major market tops, when conviction slowly turns into profit-taking.
Shorter periods like 90-day or 30-day can move faster, but they’re better for timing — not for understanding the full cycle.
The key takeaway:
LTH accumulation alone has never guaranteed upside (we saw that in 2018, 2020, and 2022).
But when LTHs begin to sell, downside pressure usually increases.
And right now, that broader distribution trend is quietly returning.
This doesn’t mean an immediate crash.
But it does mean the risk environment is shifting.
Markets don’t move on hope.
They move on who is selling — and who still has demand left.
So the real question remains:
Is this healthy rotation… or the first visible crack near a macro top?
#BTC #Onchain #CryptoCycles $BTC