#XXX Cryptoquant analyst Axel Adler Jr released a market analysis indicating that the current market is observing an unusually high monthly capital destruction degree (CDD)/annual capital destruction degree (CDD) ratio, reaching as high as 0.25. This mainly occurs when the Bitcoin price is in the range of $106,000 to $118,000, and this ratio is comparable to the historical highs of 2014 and the levels during the correction period of 2019. This means that long-term holders (LTH), or investors who have kept their Bitcoin dormant for years, are massively transferring their Bitcoin to the market for sale. This surge in CDD indicates that experienced market participants are actively distributing. However, at the same time, treasury demand and Bitcoin ETF inflows remain high. Therefore, although long-term holders are selling, this distribution behavior is unlikely to completely halt the current upward trend, but will only slightly slow down its pace.