Looking at historical data from long-term holders who have held positions for over a year and have never been wrong, BTC is still in a distribution phase rather than accumulation. If this data proves accurate this time, it suggests that BTC's price still has the potential to rise. Moreover, the distribution by long-term holders is very likely linked to the decrease in exchange reserves. This happens when investors' buying exceeds selling, continuously withdrawing BTC from exchanges and moving it off-platform. Therefore, the distribution by long-term holders can currently be equated to the reduction in exchange reserves. This post is sponsored by @Bitget｜Save the most on fees, claim the best rewards, and become a VIP—head to Bitget!