#Bitcoin 's bull markets typically see Long-Term Holders capitalizing on price increases through profit-taking. The current cycle reveals a unique dynamic of alternating distribution and accumulation waves:
* Distribution Wave 1: -929k BTC sold
* Accumulation Wave 1: +817k BTC bought
* Distribution Wave 2: -1.11M BTC sold
* Accumulation Wave 2: Currently +278k BTC bought
Over 2M BTC in sell-side pressure has been absorbed, with re-accumulation offsetting much of the distribution. This balanced approach creates a more controlled market environment, characterized by price surges followed by sideways consolidation as investors redistribute holdings.
