Long-term bitcoin holders are selling. Here's what we know

Market Trends & Dynamics - Bitcoin's price is underperforming despite $4 billion inflows into Bitcoin ETFs this month, with only a 3% increase [1] - Mega whales, likely Chinese miners, are offsetting buying pressure from ETFs and corporate treasuries [2] - A significant shift in Bitcoin ownership is occurring, moving away from retail investors [3] Buying and Selling Activities - Buying activity is observed from wallets holding 100 to 1,000 Bitcoin, likely representing ETF wallets and corporate treasuries [2] - Selling pressure comes from wallets holding over 1,000 and over 10,000 Bitcoin [3] - Wallets holding under one Bitcoin are insignificant sellers compared to previous cycles [4] Investment Strategies - Traders may be adopting more sophisticated options-based strategies [4] - Investors might return to proxies and treasury companies for Bitcoin returns [4]