Recent on-chain data indicates that a Bitcoin indicator may be forming a pattern typically seen during bull markets. There has been a recent reversal in the trend of long-term Bitcoin holders. Based on information from the market intelligence platform IntoTheBlock, recent actions of hodlers have followed a pattern typically seen in previous bull markets. IntoTheBlock classifies “hodlers” as investors who have maintained their Bitcoin investments for at least a year, specifically those addresses that have not conducted any transactions with their coins for that duration. These long-term holders (LTHs) are considered to be hodlers by the definition provided. In related news, 729,400 Bitcoin wallets have recently exited the market, raising questions about the movement in the market. Please be aware that other analytics firms use a cutoff period for Long-Term Holders (LTHs) that ranges from five to six months, whereas IntoTheBlock uses a one-year threshold. LTHs are investors who hold onto their assets without selling easily, even in the face of market uncertainty or profit opportunities. Therefore, it is important to take note of when LTHs begin selling their assets. One method for monitoring the actions of hodlers is by examining the total amount of BTC they hold in their wallets. The chart illustrates the trend in hodlers’ combined Bitcoin balance over recent years. It appears that the metric has been decreasing in the past few weeks, as reported by IntoTheBlock on X. The graph above shows that Bitcoin holders had been consistently increasing their balance since the end of the 2021 bull market, but there has been a recent reversal in this trend. It is important to note that an increase in the metric does not necessarily indicate current buying activity. Instead, they suggest that purchases were made a year ago, and the coins have now reached a point where they are considered part of the group. However, there is no similar delay in relation to selling. When the owners transfer their coins, their seniority is immediately reset to zero, causing them to be kicked out of the group. Therefore, it seems that long-term holders have started selling their coins.