The movement of BTC held for over a year—last week when we looked, it was already in the distribution phase. Up until now, long-term holders are still in the distribution phase. If this historically flawless data remains accurate, then at least for now, BTC's price should still be in a relatively stable trend. For the time being, there are no clear signs of a significant drop. Of course, as I always say, macroeconomic and political factors have a greater impact on prices right now, so the data from long-term holders should only be used as a reference. Macro and policy factors should still take the lead. Sponsored by Bitget ｜ @Bitget_zh