Pay attention to a problem. Although the data from the exchanges shows that the BTC price has reached a new high, the BTC inventory in the exchanges is decreasing, and the short-term selling pressure is not very obvious for now. However, there is a phenomenon here called distribution.

The liquidity data of BTC held for more than a year is relatively reliable; it has rarely failed historically. Each time the BTC price soars, the BTC held long-term usually decreases rapidly. Current data also shows that long-term held BTC is still in the distribution phase, especially when the macro environment is not bearish; this trend is very obvious. However, this does not mean that the price will stop here or has reached its peak. Currently, this value has not yet reached an extreme level, so further observation is needed. When it approaches an extreme value (using the previous distribution cycle as a reference), that's when we should start to alert the market, indicating a potential short-term peak. For now, there is no rush.

In short, be cautious when buying at highs. Especially last night, why did it suddenly crash? Yesterday, the results of the U.S. 20-year Treasury bond auction were significantly below market expectations! What does this indicate? The market demand for U.S. Treasury bonds is very poor. To attract buyers, the U.S. has to raise interest rates, leading to a surge in Treasury bond yields; the yield on the 20-year Treasury bond has reached 5.1%, a new high since November 2023, which instantly triggered a brief crash in U.S. stocks! #比特币突破11万美元 #币安Alpha上新 #币安HODLer空投HAEDAL