The writing is quite good, but I have a slightly different opinion on the shipping part, because in fact, long-term and high-net-worth investors hold the vast majority of Bitcoin positions, and this group of investors has been consistently increasing their holdings.

In simple terms, high-net-worth investors are gradually turning into long-term investors, and this group of investors has little interest in trading. The article correctly states that Grayscale is selling large amounts, but the volume sold still differs significantly from the shares purchased by BlackRock investors.

In fact, the selling of Grayscale investors' $BTC spot ETF and Grayscale's excessively high management fees have certain impacts.

Additionally, there are indeed signs of early investors exiting after Bitcoin's price exceeded $100,000, but in reality, the Bitcoin that exited only accounts for 1.1% of the total long-term supply.

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