Here’s how Bitcoin long-term holders have behaved during bull runs:

• 2017 – LTH Supply ↓ as Price ↑

• 2021 – LTH Supply ↓ as Price ↑

• 2024 – LTH Supply ↓ during local tops

• 2025 – LTH Supply ↑ as Price climbs

Convicted holders are waiting for much higher prices.