Odaily Planet Daily News According to data disclosed by Glassnode, as the price of Bitcoin rises, all 14 million BTC held by long-term holders have entered a profitable state, which has accelerated selling activity, resulting in a non-negligible balance decrease of over 200,000 BTC since the historical high 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, 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 exceeded the inflow of ETFs. However, since a large amount of Bitcoin is still held by long-term holders, many of them may be waiting for higher prices before releasing more Bitcoin back into the circulating market.

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