链上休眠

Yeah, I've been watching that too. The uptick in dormancy breaking could be a sign of distribution, especially if we see follow-through on price action.

Hard to say. A lot of those older coins are likely lost or in cold storage that only moves for significant life events. Don't read too much into it without broader context.

Interesting point. I'm not entirely convinced it's capitulation just yet; could just be portfolio rebalancing from those who got in early and are taking some chips off the table.