Bitcoin long-term holders are showing unprecedentedly low activity, with the 90-day token burn indicator dropping to a historic low, signaling a potential supply exhaustion. Despite weak prices, trading volume for old coins has not surged accordingly, indicating that a large-scale token distribution may have already occurred. While whales are engaging in planned profit-taking—such as an early investor selling 500 Bitcoin—and retail investor sentiment remains stable, the market seems more inclined to sideways consolidation rather than a sharp decline. The cost basis for long-term holders around $38,900 provides a distant support level.