Glassnode analyst Chris Beamish triangulates Bitcoin on‑chain signals using the HODLer Net Position Change metric, indicating that long‑term holders continue to distribute. As new supply enters the market, this behavior is contributing to growing selling pressure on BTC.

Traders should heed these observations alongside other on‑chain data to gauge potential volatility. With persistent distribution among the entrenched cohort, risk management and liquidity planning remain prudent, even as macro factors drive broader market dynamics.