Looking at the data from long-term holders, it currently feels like we’re in a phase of accumulation or distribution. For now, I’m leaning towards the accumulation side. If the data continues to favor long-term holders accumulating, it often indicates that BTC’s price is starting to decline. On the other hand, if long-term holders shift from accumulation to distribution, it often signals that BTC’s price is rising. This relationship hasn’t been disproven even now. Of course, when I talk about changes in 'long-term holders,' I’m mostly referring to changes in exchange reserves. So right now, it feels more like a game of strategy, and I haven’t seen a clearer direction yet. Sponsored by Bitget ｜ @Bitget_zh