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Here’s what on-chain data says regarding which segment of the Bitcoin market has been participating in selling at the latest high prices. 90-Day+ Bitcoin Investors Have Been Showing Activity Recently As pointed out by YouTuber denome in an X post, only one segment of the Bitcoin market is still participating in profit-taking. The data shared by the user is from the on-chain analytics firm Santiment. More specifically, the chart is for the Dormant Circulation indicator. The Dormant Circulation keeps track of the total number of tokens being moved on the blockchain after having been dormant for at least a given length of time. Below is the chart for the metric, which shows the trend in its value for three different timeframes over the last few months: The value of the metric appears to have been high for the 90+ days cohort in recent days | Source: @denomeme on X In the graph, the three versions of Dormant Circulation listed are: 90 days, 365 days, 3 years. Note that these are the starting points of the periods for which the metric tracks; the 90-day, for instance, measures the transactions of coins that were held for more than 90 days prior to the move. From the chart, it’s apparent that the Dormant Circulation surged to notable levels for the 90+ days and 365+ days coins as the cryptocurrency’s rally occurred last month. At one point, the difference between the spikes of the two wasn’t even that much, so a bulk of the transactions that were being counted by the 90+ days version were in fact of coins older than 365 days. Thus, it seems the veteran cohort of the Bitcoin market, called the long-term holders (LTHs), were busy with selling. The 90-day Dormant Circulation has remained at notable levels this month as…