On-chain data further verifies that even with rising prices, the BTC supply on exchanges continues to decline, indicating that investors do not have a selling intention but are choosing to hold or cold store, which is structurally stronger than the previous cycle.

On the other hand, long-term holders (LTH) who have held for over a year are still distributing, but there have not yet been signs of convergence or replenishment, indicating that the top has not fully formed.

Historically, this may be in the construction phase of the second peak in the fifth distribution cycle. If there are no sudden macro or political negative factors, $BTC still has further upward potential.

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