From this week's report Relentless Holder Exodus Building on the evidence from the previous section, another lens confirms that long-term holders remain in a distribution regime. The 30-day percent change in LTH supply clearly highlights this trend: since late July, intensive profit-taking has continuously eroded demand, leading to a –2.19% contraction in LTH supply at its peak. Although the pace has moderated, the metric still stands at –1.77%, reaffirming that seasoned investors have yet to stand down, keeping the market under sustained sell-side pressure. Substack link in bio.(Sina 🗝️⚡ 21st Capital)