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 have suddenly slowed their selling activity, marking a significant shift in on-chain behavior after months of sustained distribution.
According to on-chain data tracking the 30-day net position change of long-term holders, supply dynamics have reversed back into a net accumulation zone.
This shift follows what many analysts describe as the largest selling pressure from long-term holders since 2019. That phase now appears to have ended, with the latest readings showing sellers pulling back from the market rather than continuing to supply into price weakness.
Changes in Supply Pressure
The chart highlights a clear shift: the red distribution bars dominating the recent months have been replaced by new accumulation signals. Historically, such shifts do not immediately trigger a ken