BTC's URPD Data:

From the chart, it can be seen that there are no drastic changes overall, except for variations in the distribution of chips at different price levels. The chips above $62,500 have decreased, but the extent is not significant.

At this point, it is necessary to further understand the relationship between BTC's on-chain 'short-term and long-term holders' and price trends.

The chart clearly shows that investors who bought BTC around $60,000 (short-term holders), although some chose to exit during subsequent fluctuations, have seen their chips flow into the hands of long-term holders.

However, there are also more who transitioned from short-term holders to long-term holders (holding period greater than 155 days). These individuals did not panic and exit with short-term price fluctuations; instead, they have become 'believers' in BTC over time.

This is precisely the key to BTC's ability to continuously push up prices: the ongoing accumulation of belief and the locking of chips.