The holdings of long-term Bitcoin holders dropped to 12.45 million, a new low since July 2022📉. According to data from IntoTheBlock, the reduction rate of long-term holders in this cycle is 9.8%, which is significantly narrower than the 15% in the 2021 bull market and the 26% in the 2017 bull market📊. This suggests that investors are showing higher holding confidence or a more cautious attitude in the current market environment. Despite the decline in open interest, market sentiment does not appear to have been significantly affected. Continue to pay attention to market dynamics and maintain a rational investment mentality is the key🔍.