They appeared since 2016. When the ratio of 3-5y BTC holders started decreasing, BTC price entered the parabolic zone. So, I think the recent ratio of them is ATH(All Time High) this cycle. It seems they're preparing for BTC to enter the parabolic zone.
You can misunderstand since they sold BTC, BTC price rose. It's opposite. They had fermented BTC for around 3-5 years. Then, they sold it. They're clever cyclic investors.
That's the reason why I'm not worried about small price corrections and consolidations. When BTC price entered the parabolic zone, the periods of price corrections and consolidations were shorter than bearish zones.
I'm looking forward to 2025. But, the crypto market will rock you to sell your cryptos. I've seen this process in 2021. In the parabolic zone, freaking hodling could be better than buy and sell a lot.