Bitcoin long-term holder (LTH) activity is gradually cooling, with exchange inflows currently remaining clearly below the annual average. Analyst Darkfost notes that LTH behavior is shifting and the market is becoming more rational compared to previous cycles. During the March 2024 market top, LTHs were highly active, with average daily exchange inflows at one point exceeding the annual average by more than five times. In contrast, LTHs remained relatively calm during the 2025 top before activity increased markedly as the bear market began. The annual average of daily BTC exchange inflows rose from approximately 600 coins to about 1,000 coins during this period. As the market approached the bear market bottom, inflows on select trading days far exceeded the annual average, consistent with rising realized losses among holders who bought at previous highs.