The rapid rise of the Bitcoin (BTC) price in recent months indicates that long-term investors have started to convert their positions into cash. In the research conducted by Glassnode, it was stated that long-term investors distributed 480,000 BTC during the period when BTC gained 45% in value since December 2023. Grayscale Bitcoin Trust disposed of approximately half of these old coins in the last three months. Grayscale has experienced constant fund outflows since converting to a Bitcoin spot ETF on January 11, selling 202,873 BTC into the market. Long-term investors are distributing coins at a rate of 257,000 BTC per month. This rate was 319,000 BTC and 836,000 BTC per month during major market expansions in mid-2019 and early 2021, respectively. Glassnode stated that BTC's new demand may be enough to offset the selling pressure from old investors in the coming months.