ChainCatcher Message, blockchain data analysis shows that the increase in Bitcoin prices has triggered a chain reaction in the market. According to Glassnode data, all 14 million Bitcoins held by long-term holders have entered a profitable state, which has accelerated selling activity. Since Bitcoin prices broke through historical highs, the balance of Bitcoin in the market has decreased by more than 200,000.

During strong price movements, long-term holders choose to take profits, while ETFs play a key role in this process, absorbing over 90% of the selling pressure. However, with the increase in unrealized profits, it is expected that more long-term holders will accelerate their selling, and in the short term, this selling has already surpassed the inflow of ETFs.

Despite this, there are still a large number of Bitcoins held by long-term holders who may be waiting for higher prices to release more Bitcoins back into the circulation market in the future. This dynamic will continue to affect the supply and demand balance in the market.