$BTC To size how intensely long-term holders are anchoring the sell side, we can zoom into exchange flows directly.

The Relative LTH/STH Realized P&L to Exchanges breaks down what share of coins flowing into exchanges carry a profit or loss, and which cohort is driving it. Currently, more than 65% of exchange inflows are attributable to long-term holders realizing losses, a reading consistent with prior bear market phases where this cohort dominated the sell side before eventually exhausting.

Until this share begins to compress, the structural sell pressure from cycle-top buyers remains the dominant force in exchange flow.