Data for positions held for over one year $BTC :

Last week when we observed this data, there were signs of increased holdings, making it difficult to estimate whether long-term holders would continue to distribute or increase their holdings. However, from the current indications, long-term investors seem to have returned to a distribution stance.

Moreover, the price of BTC remains relatively stable, so if this data continues to hold true, at least for the time being, BTC should not experience a complete reversal. Of course, the correlation between BTC and policies is now higher, and it is more constrained by the macro environment, which may further weaken the reference value of the data for price fluctuations. $BTC