#Bitcoin might look like it is slipping, but behind the scenes something much bigger is happening. Long term holders are loading up at a pace we have not seen in years, quietly absorbing supply while the market stays distracted. Permanent holders and ETFs just showed one of the strongest demand waves of this cycle, the kind that steps in during fear and almost never lets go of what they buy.

These spikes usually mark a turning point where supply shifts away from short term hands into deep conviction buyers who only accumulate when the market is mispriced. The chart may look weak right now, but the behavior underneath tells a very different story. The smart money is not running. It is stacking.

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