The on chain data further confirms that even if the price rises, the stock of BTC on the exchange continues to decline, indicating that investors do not have the intention to sell, but choose to hold or cold deposit, which is structurally stronger than the previous cycle. On the other hand, long-term holders (LTH) who have held positions for over a year are still continuing to distribute, but there have been no convergence or replenishment signals, indicating that the top has not yet fully formed. From a historical perspective, this may be in the construction phase of the second peak in the fifth distribution cycle, and if there are no sudden macro or political bearish factors, BTC still has further upward potential. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex