Changes in high-net-worth investors and small-scale investors over the past week. The data clearly shows that high-net-worth investors holding more than 10 BTC have continued to increase their positions over the past week.

Especially, we observe a decline in exchange reserves, indicating that high-net-worth investors are likely not from exchanges but rather genuine investors. In contrast, small-scale investors holding less than 10 BTC maintained their positions before the price of BTC broke below $95,000, but showed signs of exiting after it fell below $95,000, indicating that retail investors are more sensitive to changes in BTC prices.

Based on the distribution of long-term holders and BTC holdings data, we can still conclude this week that more BTC is being transferred to long-term and high-net-worth investors.