**The Supply of Bitcoin Held by Long-Term HODLers Decreases to Lowest Level in 8 Months**

The supply of $BTC held by long-term investors has reached its lowest level in the past 8 months. This indicates that long-term holders are starting to sell off a portion of their positions.

This event can be seen as a sign of the distribution process and capital rotation at important price levels. The next trend in the market will depend on whether new buyers can absorb this supply.

The latest on-chain data reveals that the percentage of Bitcoin held by confident investors for many months has sharply decreased. Seasoned investors, often seen as a stabilizing factor holding the supply in the market, are making moves to reduce their positions.