Recently, an interesting phenomenon has caught attention—the behavior of long-term holders (holding positions for over 155 days) has shown a clear shift.

Looking at the data from the past 30 days reveals the clues. Over the past half year in July, long-term holders have been continuously selling off, as shown by the persistent pink area on the chart. But recently, this situation has finally improved, with the data beginning to level off and even showing slight blue accumulation signals.

What does this mean? Simply put, the previous wave of sustained selling pressure has finally stopped. Long-term holders have shifted from frantic selling to waiting or small-scale accumulation, which is often a sign of a market sentiment turning point.

But does this mean the sideways trading range will be broken? A true trend reversal still requires more confirmation. After all, a halt in supply-side decline is only a necessary condition; we also need to see how buying momentum develops to be sure.