According to Glassnode, as the price of Bitcoin rises, all 14 million BTC held by long-term holders have entered a profit state, which has accelerated selling activity, leading to a decrease of over 200,000 BTC in non-trivial balances since the historical peak was broken. Long-term holders began to take profits when prices were strong and demand was sufficient to absorb, during which ETFs played a key role in absorbing over 90% of the selling pressure from long-term holders. However, as unrealized profits reached more extreme levels, it is expected that more long-term holders will accelerate selling, and in the short term, this selling has already exceeded the inflow from ETFs. Nevertheless, since a large amount of Bitcoin is still held by long-term holders, many may be waiting for higher prices before releasing more Bitcoin back into the circulating market.