According to Kashif Raza, long-term Bitcoin holders are selling more BTC now than in any prior month of 2025, highlighting an uptick in cohort distribution that traders monitor for supply dynamics, source: https://twitter.com/simplykashif/status/1989241965779775882. In on-chain analytics, long-term holders are commonly defined as coins aged over 155 days, and elevated spending from this group is characterized as a distribution phase, source: Glassnode Academy (Long- and Short-Term Holders, LTH definition). For trading confirmation and risk management, key metrics to track include LTH-SOPR for profit-taking intensity and exchange inflows for potential sell-side liquidity, source: Glassnode Academy (SOPR, LTH-SOPR) and CryptoQuant Metrics Glossary (Exchange Inflows).