Bitcoin Normalized Address Activity has dropped from 60% (the level at which the $124K ATH was formed) to 30%. This reflects a cooling in transactional intensity and, consequently, a weakening of short-term supply: fewer coins are being moved on-chain, and selling pressure has eased.

At the same time, the annual NAA has climbed from 30% (at the $80K level) to 40%, indicating that over recent months the pool of holders willing to realize profits at higher prices has expanded. For comparison, the peak of selling activity in this cycle was recorded in September 2023 at 85% with Bitcoin priced at $37K. Thus, the long-term seller base is gradually broadening, and the process has now entered a mid-stage phase.