To size how intensely long-term holders are anchoring the sell side, we can zoom into exchange flows directly.

The Relative LTH/STH Realized P&L to Exchanges breaks down what share of coins flowing into exchanges carry a profit or loss, and which cohort is driving it. Currently, more than 65% of exchange inflows are attributable to long-term holders realizing losses, a reading consistent with prior bear market phases where this cohort dominated the sell side before eventually exhausting.

Until this share begins to compress, the structural sell pressure from cycle-top buyers remains the dominant force in exchange flow.

📉 http://glassno.de/btc-lth-sth-exchange-rpnl

Quoting cryptovizart:
One of the metrics I watch most closely when trying to gauge a bear market's end is, Realized Loss volume (in USD) by the 1-2 year holders.

This age bracket captures coins last moved roughly 12 to 24 months ago, placing them closest to cycle-peak buyers. As frustration builds with sustained price underperformance, this cohort tends to progressively increase loss realization.

Historically, bear markets have not found durable footing until this specific group exhausts its sell pressure. When the 30D-SMA of their realized loss cools and rolls over, it has often been among the clearest early signals that the heaviest distribution phase is behind the market.

Worth watching closely.

📉 http://glassno.de/btc-realized-loss-1y2y