In every bear market phase, a large number of participants quietly accumulate chips, commonly known as 'buying in.' As market sentiment reaches an extreme low, trading becomes sluggish, and prices even fall below the average cost of long-term holders, it marks the bottom. Related reading resources: 'On-Chain Data Classroom (Six): A Brand New BTC Magical Pricing Methodology (I) researched by Ark.' As the bull market begins and prices soar, these chips accumulated during the bear market will start to be distributed continuously. When the distribution ends, the remaining chips in the market belong to participants who bought at 'relatively high prices.' Since these participants have a higher cost basis, if the subsequent prices do not continue to rise, and even if they merely maintain a wide range of fluctuations, it will increase their holding pressure significantly, raising the possibility of sell-offs (compared to relatively low-cost chips). Ultimately, once some of the high-priced chips begin to panic sell, causing prices to drop, it will further trigger the sell-off of other high-cost chips, resulting in a chain reaction, signaling the end of the bull market.