Hodler Net Position Change, which tracks whether long-term holders are adding or releasing coins, went negative on August 2 and stayed there for four straight weeks through the entire 25% rally, then printed its first green bar since July on August 31 at 2,044 BTC. Wallets holding more than 1,000 BTC fell from 1,963 on July 31 to 1,908 across the same stretch. Read together, the month's advance was funds absorbing supply that holders and whales were handing over, which is a healthier mechanic than it sounds, since the selling was working through inventory rather than reacting to bad news.