Short-term holders are usually reacting to momentum. After a rally toward $65K, many are happy to lock in quick gains rather than risk giving them back. Long-term holders are different. They tend to sell only when prices reach levels they believe fairly reflect value or when they want to rebalance after holding through months or even years of volatility. Neither group needs to think Bitcoin has topped forever; they simply have different investment horizons. The question isn't whether they're selling, it's who's buying what they're selling. If institutional demand, ETF inflows, or spot buyers continue absorbing that supply, the rally can stay intact despite the profit-taking. That's why I pay more attention to how the market digests the selling than to the selling itself. Healthy bull markets often climb while early investors take profits along the way. $BTC #BTC Price Analysis# #Macro Insights#