TL;DR: Long-term holders aren’t selling.
That’s not bearish.

Coins held longer than 6 months remain mostly untouched.
No major spike in old coin distribution.

If smart money wanted out,
you would see it on-chain first.

You don’t.
$BTC

BTCUSDT

Perp

87,726.6

+0.89%

$ETH

ETHUSDT

Perp

2,939.25

+0.18%

$SOL

SOLUSDT

Perp

122.37

+0.93%