The analysis discusses Bitcoin's recent price action, noting a decline towards $100,000, a level not seen in five months. Long-term holders have reportedly sold over 400,000 BTC in the last 30 days, marking a substantial distribution. The analysis questions whether this is a bear market entry or a final shakeout before a larger move. It notes that this month finished as the third-worst October in Bitcoin's history. Long-term holder selling pressure is evident. Despite the selling, Bitcoin remains above $100,000, representing an approximate 20% downturn from all-time highs. The largest long-term holder distribution is occurring, but Bitcoin's price has been resilient. The analyst questions whether this is a transfer of ownership as coins dormant for over a decade are now active. The analysis suggests a potential shift from early believers to global capital, similar to an IPO. It also highlights Bollinger Band showing that volatility has drained out of the system and a potential move can be ahead. A possible upward potential is near the 115k to 125k range where leveraged short positions have built up. Also mentions a strong correlation with M2 Money Supply offset by 80 days and is bullish for the next year.