Bitcoin’s [BTC] recent price increase is shifting focus towards how long-term holders (LTH) are reacting to current market conditions. Instead of increasing the distribution rate, LTH activity still points to measured profit-taking during periods of strength. However, the repeated spikes above the 1.00 baseline indicate that LTH are continuing to take profits. As realized capital increasingly shifts toward long-term holders, short-term participation weakens. Capital shifts to Bitcoin’s LTH