BTC long-term holders are taking action

Net position changes among long-term holders have once again fallen into a deeply negative zone, indicating that seasoned players are actively distributing rather than panic selling. Historically, such red signals usually appear in the later stages of a cycle — precisely when smart money makes critical decisions. When on-chain data exhibits these characteristics, it often means large investors are actively adjusting their positions, and their actions tend to precede significant market volatility. This is not a sign of exit but a strategic position optimization at high levels. For traders tracking on-chain smart wallet movements, such deep negative zones warrant close attention — they often indicate that the market is about to enter a new phase.