The recent crypto market sell-off is primarily attributed to relentless selling by long-term holders throughout the year, as evidenced by the increasing "30-day Sum LTH Net Spent Supply" and "30-day Sum Revived Supply 6m+" metrics. This trend, visible in the accompanying chart, suggests that old coin supply is a major factor in the current market dump. Investors should monitor long-term holder behavior as continued selling could indicate further downside pressure.