😎 Bitcoin’s Cycle Is Behaving Differently This Time

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Historically, long-term holders (LTHs) have accumulated assets during bear markets and distributed them as prices strengthened in bull markets, forming those familiar cup-shaped patterns we see in on-chain charts.

But this time, the script has flipped:

➡ Distribution began significantly earlier

➡ The process has been slower, with fits and starts

➡ It lacks the clean, symmetrical rhythm of past cycles

The result is a muddled picture that hints at growing uncertainty — even among Bitcoin’s most experienced players — about where exactly we are in this cycle.đŸ€”