Bitcoin's recent 15% drawdown, from ~$88,000 to ~$74,400, highlights significant structural shifts in market behavior. Key on-chain observations reveal that on April 7th, Short-Term Holders (STH) realized $10.1 billion in losses, while Long-Term Holders (LTH) increased their realized cap by $9.7 billion, indicating substantial accumulation. This transfer of coins from weak to strong hands suggests a pivotal market phase. As STH losses slow and LTH accumulation continues, the market appears to be entering a reaccumulation phase, potentially marking the late stages of correction or the early phase of recovery.