Supply held by long-term holders fell by roughly 210,000 BTC, the first weekly decline of 2026, driven by buyers who entered between $71,000 and $76,000 near the cycle top and have now aged past the 155-day threshold that reclassifies them. That cohort is underwater and distributing into a market that has been stuck between $62,000 and $66,000 for weeks, which helps explain why every push toward $65,000 has stalled.