🧐Bitcoin has reached the region where Holders typically start distributing their coins. This is evident in the Accumulation Trend Heatmap Cohort, which tracks the variation in addresses, from small BTC holders to the largest ones.

Currently, only addresses holding 100 to 1,000 BTC are accumulating, while all others are in a distribution phase.

This distribution is confirmed by the powerful On-Chain CapFlow Sentiment Index, which identifies accumulation and distribution regions based on Momentum strength and the Stochastic indicator applied to Realized Cap.

In bull cycles, it is common for investors to offload their coins, either by moving them to other addresses or sending them to exchanges for potential sales. However, it is unusual to see several Cohorts of addresses in a distribution phase simultaneously. This might be due to the growing anticipation of Bitcoin nearing $100,000 USD, which influences short-term selling behavior.

It is also important to note that BTC variations in these addresses are not reliable for predicting tops and bottoms. They primarily help to gauge the overall sentiment of the blockchain and understand Holders' behavior.

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