Leading up to the approval of spot #ETFs in January, speculation surged, leading Long-Term Holders (#LTH) to either cash out for profit or reallocate their holdings into new #ETF products. This resulted in a significant decrease in LTH supply balance by approximately 299.5K #BTC since November, from a peak of 14.996M BTC. Notably, analysis of #GBTC flows, with around 661k BTC inflow and 151.5K #BTC outflows in 2021, suggests that remaining #LTH supply, totaling 148K #BTC, is being spent by investors. This trend aligns with previous research indicating LTHs begin distributing their holdings as the market approaches all-time high prices.
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This illustrates how long-term holders respond to new developments and prevailing news. Additionally, it also reflects a shift in investment and reserve strategies in this dynamic market.
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And behind all the holdings are a large mass that are waiting for the charts to say enough so they can dump.
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Thanks for this analysis
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Yeah chart looks overbought never say never tho
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You welcome ser 
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Nice update mate.
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I think, btc is been bought anticipating the halving.
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You welcome ser
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They has always been a pre-halving correction perhaps it will change this time
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Good analysis
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You welcome ser
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