Despite the recent vol, the real signal is in the fact that Long-Term Holders have stopped the heavy selling they had started in early July. Bitcoin Intelligence Report 24: This latest leg up to $121k is especially remarkable given the significant sell pressure that emerged from long-term investors throughout July. At that time, profit-taking levels spiked above +1 standard deviation, signaling elevated distribution from seasoned holders. This wave of long-term realized profits created a persistent supply overhang, anchoring the price and contributing to multiple sharp pullbacks into the sub-$114k Air Gap. What followed, however, was a decisive shift in demand strength. Rather than folding under the weight of distribution, the buy-side gradually absorbed the sell pressure, ultimately regaining momentum and pushing price back above $121k. This move confirms that the market has successfully digested the older coin sell wall, a necessary step for any sustained bullish continuation. Subscription link in my bio.(Sina 🗝️⚡ 21st Capital)