BTC data that has been held for over a year, when we saw this data last week, it was difficult to predict whether long-term holders would continue to distribute or enter into an increase in holdings due to signs of increased holdings. However, based on current signs, long-term investors have returned to signs of distribution. Moreover, the price of BTC is relatively stable, so if this data continues to be accurate, at least for the time being, BTC should not experience a complete reversal. Of course, the correlation between BTC and policies will be higher now, and it will be more constrained by the macro environment. The reference value of the data's ups and downs may be weakened. This article is sponsored by Bitget | @ Bitgetzh