A significant movement of 107,760 BTC, acquired between one and three months ago, was recorded on-chain in a single day, marking the highest activity from this cohort since October 14. This surge in movement comes as Bitcoin's price hovers around $73,500, suggesting that many recent buyers are either near breakeven or underwater, indicating a lack of conviction among these holders. The Bitcoin price momentum has been negative since May 22, with a decline from +20.5% on May 5 to -4.07% currently. This shift in momentum coincides with the increased activity from the 1-3 month cohort, highlighting a potential short-term capitulation rather than long-term holder distribution. The market is now watching to see if these coins are moving to exchanges, which could indicate further selling pressure, or if they are being redistributed under pressure.