Bitcoin's market dynamics over the past month indicate a notable shift in investor behavior characterized by a rotation of supply from long-term holders (LTH) to short-term holders (STH). The LTH/STH supply ratio declined by 11% in 30 days, reflecting increased distribution by long-term investors, a pattern historically preceding previous all-time highs (ATHs). Specifically, 223,602 BTC moved from LTH to STH within this period. Recent trading activity shows that short-term holders have been responsible for the majority of Bitcoin sales, with $18.24 billion worth of BTC sold by STH in a 24-hour window, comprising 85.5% of total spent volume. Additionally, over 21,400 BTC were sent to exchanges at a loss by short-term holders, signaling capitulation behavior similar to a spike observed on July 25. Despite these sell-offs, the market remains profitable overall. Data also points to multiple realized loss events in July, including $149 million on July 15 and $116 million on July 25, linked to technical profit-taking and large whale transfers respectively. These trends suggest that while weak hands are offloading Bitcoin at a loss, more experienced investors may be preparing for a potential upward move in the cryptocurrency's price.