The tide is shifting.

After a decent drawdown, Long term holders have begun accumulating again.

Every single time since 2020 we have had a sharp drop in Long term holder supply, and then a shift back to adding, it has marked a bottoming phase before another leg higher.

An important thing to note here is that 2 of the 3 periods this happened since 2020, Bitcoin went on to make a tiny new lows... and 1 of times the low was in.

Hard to say for sure what happens this time around, but what the data does tell us is that it is 100% accurate in marking a bottom when they start adding again, only after a sharp drawdown.

The confluences keep rising.