A surprise sell-off from long-term Bitcoin holders has triggered a significant price drop, sending BTC to $104,000. This move coincides with a steep decline in short-term holder activity, indicating both seasoned investors and speculative traders are reacting to market volatility. Analysts suggest this action could indicate two possibilities: either a major top is forming, or a final attempt by long-term holders to secure profits near cycle highs before a potential accumulation phase ensues. 400,000 BTC were sold over the past month alone, prompting short-term holders to exit positions and realize substantial losses of $3 billion in the process. This action suggests growing uncertainty and fear within the market as experienced traders capitalize on current price fluctuations. Analysts are closely watching for signs of renewed buyer demand or further volatility before forming a clearer picture regarding the future trajectory of Bitcoin.