Bitcoin's long-term holder supply is decreasing as selling pressure intensifies across all wallet cohorts, according to Glassnode data. The cryptocurrency's price remains between $110,000 and $120,000, while gold and U.S. equities approach record highs. Notably, the largest whales, holding over 10,000 BTC, are aggressively selling. The percentage of Bitcoin's circulating supply inactive for at least one year has dropped from 70% to 60%, with two-year holders also beginning to sell. Meanwhile, three-year-plus holders, who purchased during the 2021 peak and 2022 lows, are realizing gains as prices recover. However, five-year-plus holders remain steady, indicating that the most long-term investors are not participating in the current sell-off.