The U.S. government is about to reopen, but Bitcoin still looks like it’s on shaky ground. Who the hell is selling? Fidelity analyst @ChrisJKuiper shared his thoughts, and I think they make a lot of sense. What do you think? So, who’s selling? It’s the long-term holders (LTH) selling! Why? The market’s gone flat. 1. Everyone was hyped for a big October bull run, but October’s peak season flopped! Bitcoin stalled at $126,000 on October 7, underperforming gold and the S&P 500. People got tired and decided to sell. (Conclusion: When market expectations are too aligned, things rarely go as planned.) 2. 2025 is almost here, and it’s the usual year-end routine to lock in profits and adjust portfolios. 3. This time, it’s the long-term holders (LTH) slowly selling. Charts show the percentage of coins untouched for over a year is decreasing. Unlike previous big sell-offs, maybe today’s investors are a bit more mature compared to past bull markets.