This has never happened in the history of Bitcoin: long-term holders are starting to release their coins on a scale we have never seen before.

In fact, they have been distributing their BTC since March 2024 — and this is no longer a coincidence, but a trend.

There is currently a quiet but powerful change of ownership happening across the network. Old coins that have been sitting for years are transitioning into the hands of new players who are actively accumulating.

If we also connect the LTH/STH SOPR metric, the picture becomes even more interesting: in every cycle, long-term holders are realizing less profit than short-term holders. The imbalance is growing — and this makes sense, considering that both the average yield and the share of active LTH are decreasing from cycle to cycle.

But the most intense changes began after 2024: some of the oldest whales have dumped huge volumes of BTC into the market not once, but at least four times in a row.

The market is becoming more complex, the number of players is increasing, but the influence of these OGs is still felt. Although slowly, step by step, their power is dissipating — coins are moving into new hands, and the network is becoming more decentralized.

As of now, the Long-Term Holder Realized Price is around $38,600.

I recommend revisiting this chart in Q3 2026 — the feelings will be completely different.

#Bitcoin #BTC #CryptoAnalysis