Bitcoin long-term holders (LTHs) have spent over 370,000 BTC in the past month, significantly exceeding net distribution metrics, according to Glassnode. While net metrics suggest a distribution of 144,000 BTC, gross spending data reveals LTHs have been moving over 12,000 BTC daily. This discrepancy highlights the limitations of net metrics, which balance newly matured coins with those spent by LTHs. This activity coincides with heightened market volatility, as Bitcoin briefly dropped to $81,000, its lowest since November, amid a broader crypto market sell-off. The Crypto Fear & Greed Index recorded an "extreme fear" score of 16, reflecting investor sentiment. Additionally, the 90D-SMA Realized Profit/Loss Ratio has fallen sharply, indicating a shift in market demand and increased investor frustration.