The key point to watch is not just the amount of bitcoin:native being listed on exchanges, but whether spot demand is strong enough to absorb the supply from investors who have held #Bitcoin for a long time. The flow of bitcoin:native from Long-Term Holders (LTH) to exchanges has decreased significantly compared to the peak period of May–July 2026. The 30-day moving average is currently narrowing to around 3.2%, noticeably lower than previous surges. - Distribution pressure from long-term holders is gradually easing. However, the current level is still higher than the 1-2% support zone typically seen during periods when LTHs are listing less supply. Therefore, it is premature to conclude that long-term holders have fully returned to an accumulation phase. If LTH Exchange Inflow continues to fall to the 1-2% range while bitcoin:native holds its key support levels, the market will have further grounds to confirm that selling pressure from long-term holders is being absorbed.