Based on BTC data from positions that have never expired in history for over a year, the market is currently in its second distribution cycle. Although there have been instances of ancient whale transfers during this period, this phenomenon has occurred in previous cycles and has not affected the overall trend judgment. The current data has fallen below the lowest point at the beginning of 2025, indicating that long-term holders are continuously reducing their holdings, and the accuracy of this indicator is still being verified to this day. If this logic continues to hold, it indicates that although BTC is currently at a high level, it may still continue to rise and the distribution cycle has not yet ended. This is also the only data I have personally observed that clearly supports Bitcoin's upward trend. This article is sponsored by Bitget | @ Bitgetzh