What we're seeing is a very clear distribution by "OG"'s also known as "long term holders" into the hands of trad-fi and instos (buying on behalf of retail in many cases). The thing is- this doesn't mean the "top is in" as we see this sort of selling from long term holders during every bull cycle and price is holding up very well despite the sell pressure because of the inflows from non-OG buyers. However, the major difference with the selling this time is that we have begun to see (since 2024 or so, while BTC has traded above 50k) a significant amount of holders that have held for 10+ years begin to move funds on-chain (likely) to take profits/sell. What we are seeing now is arguably the biggest exchange of Bitcoin that we have ever seen from OG's/diamond hands into a relatively "new" cohort of holders that are NOT diamond hands and have likely never held significant amounts of Bitcoin through a major/prolonged bear cycle. While OG's that have held this Bitcoin for over a decade are used to the volatility that comes with it (strong hands), new entrants are likely not (weak hands), and I think this will play a MAJOR role in our first secular bear market when it comes. For the first time ever, a majority of Bitcoin supply will be concentrated in the hands of a "new" cohort of holders, one that has never seen a 80% drawdown on Bitcoin (which the OG's have endured at least 3 times by now) and one that likely does not have the mental fortitude or conviction to hold through such drawdown. This will imo contribute to our next bear market being the most devastating one we have ever seen in Bitcoin history. But first, the OG's have more Bitcoin to sell and retail/insto's are still keen to buy, so "number go up"- for now.(CrediBULL Crypto)