As macro tailwinds lift bitcoin BTC$64,532.45, two distinct groups of investors are selling into strength, potentially slowing the ascent. The first are long-term holders, which Glassnode defines as addresses/wallets that tend to hold for at least five months. Long-term holders, who bought near highs last year, are capitulating, or using the bounce to sell their coins at a loss rather than holding through deeper drawdowns. This signifies a lack of confidence in the sustainability of the latest BTC price rise.