Bitcoin Mean Reversion Index at Q18, Deep Value Zone

The split between capitulating recent buyers and unmoved long-term holders is the real signal here: the selling pressure is concentrated in the cohort that bought the top, not in the broader holder base. That distinction matters for whether this reads as a shakeout of late entrants or the start of wider distribution. The elevated sell volume is meaningful, but its source is narrow. The open question is whether long-term holders stay on the sidelines if the drawdown extends, since their participation would change the character of the move entirely.