The chart above depicts that BTC Age Consumed recorded its upswing on Feb 29, right after prices hit $64,000. This move that unsurprisingly tipped the momentum in the bears’ favor momentarily as prices dipped 

In specific terms, Bitcoin saw 78.4 million coin days consumed on Feb 29. And within 48 hours, BTC price took a tumble from 5% tumble from $64,000 to $60,644  

Notably, this was the highest value of coin days destroyed, since the post-ETF sell-the-news wave around Jan 15, when BTC Age Consumed rose to 104.3 million. 

This signals that after 51% gains in February, BTC long-term holders are now making strategic moves to book some profits and diversify their portfolio.  

BTC Dominance Has Trended Downwards Since Feb 28

In further confirmation of this stance, market data trends shows that since the major sell-off recorded among BTC long-term holders on Feb 29, Bitcoin share of the crypto market has been in decline. 

TradingViews’ Bitcoin Dominance chart (BTC.D), shows the value of Bitcoin’s market capitalization in comparison to the rest of the crypto market. Since hitting $64,000 on Feb 28, BTC.D has declined by 2% to hit a weekly low of 53.5% on March 2, as depicted in the chart below.