Something is changing in the Bitcoin cycle👇 Historically, long-term holders have accumulated during bear markets and then distributed into strength during bull markets, carving out the familiar bowl-shaped patterns visible in on-chain charts. This time, however, the script is different: distribution kicked off much earlier, has unfolded in a slower, stop-start fashion, and shows none of the clean, symmetrical rhythm we’ve come to expect. The result is a muddled picture that hints at growing uncertainty, even among the most seasoned Bitcoin hands, about where we are in the cycle.