Despite increased LTH profit-taking, their proportion of network wealth continues rising, showing maturation and accumulation pressures outweighing distribution behavior.
This is highly atypical for late-stage bull markets, which traditionally see declining LTH supply during sustained distribution. The current cycle shows unique duality: elevated LTH spending occurs alongside even greater coin aging into the cohort.
This introduces new market structure where LTH wealth appears stickier than prior cycles. U.S. Spot Bitcoin ETFs and growing institutional participation likely drive this change, anchoring larger supply portions in long-term custody.