According to glassnode, a marked shift in Bitcoin's on-chain dynamics is evident as some coins from the era of the famous 10,000 BTC pizza purchase are still moving. The share of BTC's Realized Cap held by coins dormant for over 10 years has dropped from a peak of 0.045% to 0.033%, with significant decreases observed between December and February and another pronounced decline since April 20. These movements indicate that long-term holders are unlocking liquidity, which can impact market supply and price volatility. Traders should closely monitor these flows as historic coins entering circulation may exert selling pressure and influence short-term Bitcoin price action. (Source: glassnode, May 22, 2025)