Long term holders are getting rekt.

$BTC that hasn’t moved much in ~155+ days.
When these holders start selling at a loss, it’s usually not a quick dip.
It’s real pressure in the market.
The LTH (Long Term Holder) PnL Ratio has been below 1 since late Jan, which means long term holders are selling more at a loss than in profit. Crazy.
In a normal dip, this ratio usually stays above 1 because strong hands are still selling in profit.
→ Jan 17 was peak profit-taking
→ Early Feb was heavy loss-selling
→ In March its still below 1, so the pressure isn’t gone
This market can’t hold upside for long. Hopefully this changes.