as Bitcoin prices rise, all 14 million BTC held by long-term holders have entered a profitable state, which has stimulated accelerated selling activity and led to a significant decrease in balances of over 200,000 BTC since breaking historical highs. Long-term holders are starting to profit when prices are strong and demand is sufficient to absorb it, and during this process, ETFs have played a key role in absorbing more than 90% of the selling pressure from long-term holders. However, as unrealized profits reach more extreme levels, it is expected that more long-term holders will accelerate their selling, and in the short term, this selling has exceeded the inflow of ETFs. However, as there are still a large number of Bitcoins held by long-term holders, many long-term holders may be waiting for higher prices before releasing more Bitcoins back into the circulation market.

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