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In fact, the major players in BTC started distributing their holdings at the end of July. Judging from the posting and notification times, this bull market ended a quarter earlier than before. Therefore, the next round of market activity may start a quarter earlier, so the next big bull market may start this fall. Let's wait patiently for the right opportunity. This view is also very similar to that of @Murphychen888.

Murphy
@Murphychen888
周期变快了!
如果你还在用过往经验来“刻”本轮熊底将在2026年Q4期间出现,那么同样以“4年牛熊周期论”为基础的玄学指标 ——“三线合一” 告诉我们:周期正在变快。
截止2月5日,MVRV创下了本轮周期的最低点1.13,相比与2016周期(蓝线)和2020周期(绿线)出现同样位置时,分别提前了2个月和4个月。



I think it started in 2024; I think I've seen some on-chain data. BTC was being transferred to CEXs starting in 2024. By July, it was ETFs that were selling.
Sector:
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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