Bitcoin’s price recently surged past $111,800 in May before a sharp retreat to below $105,000. This decline is linked to profit-taking by long-term holders, who have taken advantage of recent gains and are now shifting from accumulation to selling. The latest report from Glassnode highlights this significant shift. They show realized profits surged to $1.47 billion per day, marking the fifth major distribution event in this cycle. This wave of profit realization is testing critical support levels around $103,700 and $95,600, as seasoned investors move from holding to selling. Glassnode’s analysis indicates veteran holders are driving this price movement, suggesting a maturing market where long-term investors shape price peaks rather than rapid speculators.