Long-term holders of Bitcoin, who bought their coins more than 155 days ago, are showing conviction by not selling.
Two selling waves during the current cycle led the long-term holders to distribute 2 million BTC.
The recent increase in long-term holder supply indicates buying that occurred during the BTC rally to prices beyond $90,000.
Investors in the 3-month to 6-month range, who bought at or near the price all-time high, are demonstrating strong conviction amidst the market volatility.