According to the source, a slow decline in long-term Bitcoin holder supply implies the bull cycle is likely ongoing rather than nearing a final peak, which is consistent with prior mid-cycle distribution phases observed in on-chain data. Source: Glassnode research. Historically, cycle tops tend to coincide with an accelerated drop in long-term holder supply alongside rising exchange inflows from older coins and a persistent long-term holder SOPR above 1 indicating profitable distribution. Source: Glassnode Week On-Chain and CryptoQuant insights. For trading, monitor long-term holder net position change turning sharply negative, a pickup in 6 to 18 month coin age inflows to exchanges, and an expansion in realized cap HODL waves for newer cohorts as signs of maturing top risk. Source: Glassnode and CryptoQuant. Confirm with leverage metrics such as elevated perpetual funding rates and rising open interest coupled with on-chain distribution to gauge exhaustion risk before adjusting BTC exposure. Source: CryptoQuant and Deribit Insights.