Although the price of Bitcoin has reached a new high, the BTC supply on exchanges is decreasing, and short-term selling pressure is not obvious. However, there is a phenomenon here called "distribution."

The liquidity data of long-term held BTC is relatively reliable and has rarely failed historically. Every time the price of Bitcoin skyrockets, the long-term held BTC usually decreases rapidly. Current data also shows that the long-term held BTC is still in the distribution phase, especially in the absence of significant negative macroeconomic factors, this trend is particularly evident. But this does not mean that the price has peaked. Currently, this value has not yet reached an extreme level and still needs further observation. Only when the value approaches extreme levels (referencing the previous distribution cycle) does it begin to signal a market warning, indicating a possible temporary top. At present, there is no need to be overly anxious.