Bitcoin's strong price rallies incentivize long-term #holders to distribute a portion of their holdings to realize gains, as evidenced by the decline in the Supply Last Active 1y and 2y metrics during March and April's run-up to the all-time high. However, #investors. holding for 3 years or more (46.4% of the supply) continue to accumulate, suggesting they are waiting for even higher prices before #selling . Overall, a substantial portion (54.9%) of the #Bitcoin❗ supply has not been transacted on-chain for at least 2 years, highlighting the conviction of long-term holders and their unwillingness to sell at current price levels.