Bitcoin holders are cashing out, just not the way they did at prior market tops

Bitcoin holders are taking profits, but the distribution pattern differs from prior market tops, with selling appearing more gradual and dispersed rather than driven by a sharp wave of long-term holder capitulation. This suggests market participants are cashing out opportunistically while retaining greater exposure, rather than exiting en masse. The behavior may reduce immediate top-like volatility but indicates persistent selling pressure that could limit Bitcoin’s upside unless demand absorbs the supply.