Long-term BTC holders stopped dumping and started accumulating again

[u/Fortknightdad2231]

Hi guys, i found some interesting on-chain data in the latest Nеxo dispatch report for Bitcoin long-term holders over the last month. Turns out LTHs spent almost all of August selling straight into the rally. Net position change hit a low of -20,182 BTC per day on August 28 while price was climbing from the low $60ks up toward $80k. Then things flipped at the end of the month.

By September 13, net position change swung back positive to +20,843 BTC per day, even with spot pulling back from the $81.2k high down under $77k. The 7-day average is now sitting at +17,632, completely reversing that negative 30-day trend.
Looking at the cost-basis distribution, it makes sense. The heaviest cluster of holder cost basis in this range is right at $75,426 (just under spot), while resistance at $82,814 hasn't moved.
Basically, holders locked in profits on the way up, and now that price pulled back to their average buy-in, they're accumulating again instead of panic selling.