According to the source, on-chain analytics firm Glassnode reports that long-tenured Bitcoin (BTC) whales reduced their holdings in 2025, indicating a distribution phase that increases circulating supply and elevates near-term sell-side risk, source: Glassnode. Traders should monitor Whale Balance, Exchange Net Position Change, and Large Holder Netflow to confirm whether distribution persists and to gauge liquidity-driven entries or hedges, source: Glassnode.