Recently, Grayscale's sell-off has brought attention to a crucial Bitcoin statistic, causing a stir in the crypto community as the next halving event approaches. The "Supply Last Active" (SLA) metric, which records the time since Bitcoins were last transacted on the blockchain, is at the heart of this matter. This metric, which spans from over a year to more than five years, provides valuable insights into market cycles by monitoring the actions of long-term investors.

However, the recent outflow from Grayscale, which originated from long-dormant wallets, presents a stark contrast to historical trends. Glassnode, a leading analytics platform, highlights this discrepancy by displaying SLA metrics across various timeframes as a percentage of Bitcoin's circulating supply. Generally, an uptick in these metrics indicates that long-term investors are holding onto their coins, while a decrease suggests that older coins are being transferred to new owners.

Interestingly, during market peaks, long-term holders, or those who have held Bitcoin for over 155 days, have historically taken advantage of their investments by reducing their holdings, cashing in on the profits from previous bear markets. However, the recent Grayscale sell-off has disrupted this trend, potentially signaling a shift in market dynamics as the halving event approaches.