$BTC

Long term holders are selling. The metric is deep red.
Yeah, it looks ugly.
But this is how bottoms usually form not in comfort, not in clean V-shapes. It’s slow, frustrating, and full of doubt.
A lot of these “old hands” are still in profit. This isn’t panic across the board. It’s rotation. It’s redistribution.
Real capitulation happens when even the most stubborn holders give up.
We’re not fully there yet… but we’re moving through the process.
Every cycle has this phase where it feels heavy and directionless.
That’s usually when positioning quietly shifts.
I’m not calling a bottom today.
I’m saying this is how bottoms get built.