Long-term Bitcoin holders are unloading into strength again

This 30-day LTH distribution spike is one of the largest in the last 5 years, and these usually show up near macro tops, not bottoms.

• LTH supply is rolling over from record highs

• Spot trades well above LTH realized price

• Old coins are locking in big profits, not capitulating

Takeaway: this looks like late-cycle distribution and de-risking, not fresh accumulation.

Adjust your risk, not your hope.