Since July 30th, the number of BTC held by long-term holders surged from 14.86 million to 15.36 million, leading to speculation of aggressive buying. However, this may not reflect new accumulation, as many short-term holders simply transitioned to the long-term category after holding their BTC for over 155 days since the last all-time high.
The Coin Days Destroyed metric shows a significant spike recently, indicating that rather than accumulating, long-term holders may actually be selling or distributing their holdings, contradicting initial assumptions about their behavior.
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