Bitcoin Long-Term Holders Sell Off Amid Stagnant Price, Trailing S&P 500

Long-term Bitcoin (BTC) investors have resumed distribution of their holdings, according to recent on-chain data. This selling pressure from so-called "HODLers" coincides with a period where Bitcoin's price performance is notably lagging behind traditional equity markets like the S&P 500. Analysts point to this trend as a potential sign of shifting sentiment among the most committed cohort of investors. The movement suggests that some veteran holders are capitalizing on current prices or reallocating funds, contributing to suppressed bullish momentum. This dynamic creates headwinds for BTC's price recovery in the near term, as the market absorbs this supply from typically dormant wallets.