With Bitcoin near its ATH, assessing Long-Term Holder (LTH) behavior is prudent, as this cohort becomes active at market extremes and their distribution often signals overheated conditions or bear transitions.

LTH spending shows notable uptick with Net Realized Profit/Loss reaching $930M/day—rivaling the $840M/day at the $73K ATH but well below the $1.64B/day peak during the initial $100K breakout. This suggests elevated LTH profit-taking, but current prices aren't yet attractive enough to trigger broader-scale distribution.