Before reaching the all-time high (#ATH), long-term holders undergo a period of re-accumulation, with a relatively stable or slightly increasing #supply held. When the market surpasses the previous #ATH, there is a #strong motivation to spend, leading to a sharp #decrease in long-term holder supply as #coins are transferred to new buyers at higher prices.

This pattern has been observed during the 2022 #bear market, highlighting the resilience of #BTC holders in the face of significant #volatility.