Bitcoin Long-Term Holder Sell-Off Signals Caution Amid Potential Extended Bull Cycle

Key Points

1. Bitcoin long-term holders (LTHs) have sold Bitcoin equivalent to 50% of all ETF holdings, indicating increased sell pressure.

2. On-chain metrics like Coin Days Destroyed (CDD) and Reserve Risk show heightened activity from long-term holders, with CDD spikes aligning with bearish signals.

3. The Spent Output Profit Ratio (SOPR) recently turned bearish, preceding a price dip and suggesting a potential correction phase.

4. The Alpha Savior metric, which predicts macro-level tops, has not yet signaled a market top, requiring Bitcoin to reach around $69,000 for confirmation.

5. Historical trends indicate that LTH selling often precedes market peaks, and SOPR trends have reliably forecasted short-term corrections.