In fact, each peak phase of the Bitcoin halving cycle is initiated by the selling behavior of long-term holders. During the rise in Bitcoin prices, long-term holders gradually sell off their assets, and this cyclical judgment has rarely shown any deviation.
Furthermore, a closer observation reveals that with the transition of cycles, the scale of long-term holders continues to expand, with more and more investors inclined to hold Bitcoin for the long term, and this group is primarily composed of high-net-worth individuals.
Analyzing past historical data, long-term holders rarely exit at peak prices; most tend to gradually reduce their Bitcoin holdings during the price increase process.
