Fortunately, the current long-term BTC holders still maintain the trend of chip distribution, which may ensure that there is still a good imagination space for the future bull market.

The black line in the figure is the BTC price; the orange line on-chain indicator is the proportion of chips held by long-term BTC holders (holding coins on the chain for >155 days) (BTC that has not been moved on the chain for >7 years is considered to be long-term dormant or lost and excluded from the calculation). When the indicator maintains a downward trend, it means that long-term BTC holders maintain the trend of distribution.