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Long-term holders (LTH) always sell older coins as BTC prices strengthen in a bull market.
It is natural for LTH to sell part of their stack to finally buy their dream house, dream car, or do something meaningful to improve their quality of life.
Since these are older coins, bought "on the cheap", they are most likely selling only a small portion of their total BTC holdings.
The supply of coins in the possession of LTH will most likely continue to drop as we move further into the BTC bull run.
When we see LTH increasing their stack, though, that will probably indicate the end of the bull market.
Been a long time coming…
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Due to the way long term holder coins are defined it is hard to judge if this is truly long term holders selling to upgrade there lifestyle or if it is long term speculators who bought in the bear market with a medium term time horizon expecting to sell during the bull. There are day traders, and short term traders but you also have traders that aren't playing the day to day, week to week, month to month but instead trading based on cycles.
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Bitcoin Is Data have 9 time thresholds to define LTH/STH, you can choose between 1 month and 4 years: https://bitcoinisdata.com/supply/
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Who is selling for fiat gains is not a bitcoin holder. Just a fiat maxi trying to play the market.
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