Bitcoin’s on-chain data is signaling a cooling period. Normalized Address Activity (NAA), a key metric for transactional intensity, has dropped from 60% (the level where the $124,128 all-time high was set) to 30%. Fewer coins are moving on-chain. Selling pressure has eased. Short-term supply looks weaker. At the same time, annual NAA has climbed. From 30% at the $80K level to 40% now. That means more long-term holders are willing to take profits at higher prices. For context, peak selling hit in September 2023. NAA touched 85%. Bitcoin traded at just $37K then. So what’s changed? The seller base is
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