From the perspective of long-term holders, it currently feels like a phase of accumulation or distribution. For now, I categorize it as accumulation. If the data continues to lean towards long-term holders accumulating, it often indicates that the price of BTC is starting to decline.

Conversely, if long-term holders shift from accumulation to distribution, it typically signifies an increase in BTC prices. This relationship has not been disproven even to this day. Of course, I believe that the changes among "long-term holders" are more about the changes in exchange inventories. Therefore, I feel it resembles a game of strategy, and I have not yet seen a clearer direction.

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