People keep saying long-term Bitcoin holders are barely distributing — just ~144k $BTC net over the last 30 days.

Sounds chill, right? But zoom in on the actual on-chain moves and it's a different picture. Real gross spending by Long Term Holders? Over 370k BTC in the same window. That's averaging >12k BTC/day getting moved.

Why the huge gap? Roughly 226k BTC matured from short-term → long-term status in that period, basically refilling the LTH bucket almost as fast as it's being emptied. So net looks quiet, but the real distribution pressure is way heavier than the headline number suggests. LTH supply still holding steady around 14.4M $BTC overall, but this profit-taking wave is real. Net metrics can hide the action when coins are flipping cohorts quickly. Always dig past the net change fam — gross tells the fuller story right now. What do you think — more distribution incoming or just normal mid-cycle churning?