There is a data point worth paying attention to. It tracks the selling activity of those OG Bitcoin holders—these coins have been dormant on-chain for over 5 years before being mobilized.

In the early stages of this cycle, OGs were very active. The selling pressure from long-term holders has actually surpassed the levels seen in the previous cycle. What does this indicate? The situation is now reversing. The selling momentum is waning. This is a clear signal of a change in market structure.