Summary:

1. The proportion of network wealth held by new investors has significantly increased, and wealth distribution is shifting from mature investors. This usually occurs towards the end of a bull market.

2. Currently, selling pressure mainly comes from tokens that are 2-6 months old (with strong demand enough to absorb the current selling pressure), while a large number of old coins that are 2-5 years old have not been sold (still waiting for higher prices, expected to sell during the final FOMO phase) - bull top.