Maybe. The question is why long term holders sell at this price now?
Discussion
To hazard a guess, i'd imagine the growth in the legitimacy of the stablecoin market now provides fiat off ramps that never previously existed for OGs.
Just two years ago, here in the UK I was getting my bank accounts frozen regularly because I was simply depositing money to Coinbase.
If I ever sell, USDT seems like a godsend.
With that I agreed 100%. More comfy exit option make profit realization easier - thus flattens higher end of bull run.
Still not sure if that is main driver to be honest. I would risk to post a theory it may be indeed market players are way more mature with laods of institutions in place - thus less random trade moves, more stable price. Still this does not explain why old addresses - long term holders start to sell now... could be price push down before bigger jump. Don't know.
Because some of them are using history as a guide
Me, I hope cycles are not dead, but if that is the case the price needs to go much higher from here.
If cycles are indeed dead, there will be a lot of OGs who will not be able to buy the lower price