The data on the net change in the supply position of long-term holders shows that after accumulating Bitcoin from May to August 2024 (May to August 1403), Bitcoin holders began selling their holdings in late September.  This change in position shows that long-term holders were net sellers from March to May (March 1402 to May 1403). 

 The subsequent accumulation phase may have helped to increase the price by reducing the market supply.  The recent selling of Bitcoin by holders shows that they are now storing profits.  Additionally, the market value to realized value ratio (MVRV) has entered the frenzy zone historically associated with overbought markets. 

 Periods where the MVRV ratio exceeds the upper limit often precede price corrections.  The current ratio indicates high speculative activity and potential risk of price correction.

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