Long-term #Bitcoin holder selling has reached cycle top levels!
Only two times has this represented something outside of a cycle top, once a cycle bottom in 2018 and then a mid-top in 2019.
Supply-adjusted coin days destroyed is one of the most accurate ways to measure long-term holder selling.
Now that this has reached cycle top levels, does this suggest the top is in?
Based on other data, it seems more likely that we have seen a precursor, like the July 2017 example or Jan 2021.
One thing's for sure, when long-term holders are moving in these kinds of numbers, we need to pay attention.
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