Glassnode's data reveals a significant decline in the supply of Bitcoin (BTC) held by long-term holders (LTHs), from $14.23 billion to $13.31 billion over the past two months. This decline has coincided with a surge in the price of BTC, suggesting that LTHs are cashing out. Simultaneously, the supply held by short-term holders has increased, potentially mitigating the selling pressure from LTHs and contributing to Bitcoin's sustained surge above $100,000. This trend highlights the shifting dynamics within the Bitcoin market, with LTHs taking profits and short-term holders absorbing selling pressure.

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