#BTC On-chain data is quite interesting, CoinAnk data monitoring shows that 99% of #比特币 UTXOs are in profit status. This level of historical holding profits should have triggered a massive sell-off, but what is actually presented is that long-term holders (#LTH ) have realized a market value exceeding 28 billion USD. During the fluctuations where the Bitcoin price fell below 107,000 USD, short-term leveraged traders faced a wave of liquidations, while the proportion of long-term holders increased against the trend to 63.7%. This "de-retailization" trend forms an interesting contrast with the divergence of miner income curves: currently, miners' daily income is stable at around 50 million USD. Although it has shrunk by 37.5% from historical peaks, the overall network hash rate remains stable, indicating that the mining community is hedging against volatility risks through financial instruments.