Bitcoin long-term holders have reduced their positions for seven consecutive weeks, with the latest data showing a decrease of 73,400 BTC as of September 28. Despite this sustained selling pressure, new market demand continues to absorb the released supply without hindering Bitcoin's price appreciation. Analyst Axel Adler notes that current profit-taking remains limited compared to the 1.07 million BTC sold by long-term holders in November 2025. The position change indicator turned negative on August 17 after remaining positive from February through early August, when holders had accumulated approximately 1.2 million BTC in May alone. Adler warns that if long-term holders reduce positions by hundreds of thousands of BTC while Bitcoin's price stalls, it could signal weakening market absorption capacity. For now, the market continues to digest the gradual supply release from veteran investors taking profits during the current uptrend.