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Regarding the accumulation-distribution of the Long-Term Holder cohort holding coins from six months to two years: their supply has risen from 3.551M BTC in April (when the price was $83K) to 5.191M BTC currently (+1.64M BTC). During the ATH test at $118K, there was moderate profit-taking: the cohort's 7-day average spending rose to 20K BTC, which is notably lower than typical spending spikes from the past (40–70K).
In total, this indicates that accumulation is prevailing over distribution among a large number of network participants.