The Long-Term Holders, especially those in the 2 to 3-year cohort, have shown a significant decline. Some coins matured into the 3 to 5-year age band, while others were sold for profit. This divestment, influenced by the approval of ETFs, peaked in February 2024 as the market rallied, just a month before BTC reached its $73k ATH. Historically, Long-Term Holders take profits during strong demand periods.