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.