Bitcoin bull markets are often marked by Long-Term Holders taking profits during price rallies. However, the current cycle presents a distinct pattern of alternating distribution and accumulation phases:
Distribution Wave 1: 929,000 BTC sold
Accumulation Wave 1: 817,000 BTC acquired
Distribution Wave 2: 1.11 million BTC sold
Accumulation Wave 2: Ongoing, with 278,000 BTC accumulated so far
More than 2 million BTC in sell-side pressure has been effectively absorbed, with re-accumulation mitigating much of the distribution. This dynamic fosters a more stable market environment, where sharp price increases are followed by periods of sideways consolidation as holdings are redistributed among investors.
