Large $BTC holders are trimming exposure, but the market isn’t in clear distribution mode.

Addresses holding 1k–10k $BTC are down roughly 220k $BTC year over year, the fastest decline since early 2023. Dip buying has clearly slowed as price trades near cycle highs.

Similar patterns have shown up before major tops, but so far this looks more like a cooling phase than a mass exit.

BTC

90,661.49

-0.06%