The tokens held between 6 months and 1 year account for the current selling pressure, representing 35.3% of the total. This indicates that most spending comes from tokens purchased relatively recently, highlighting that more long-term investors are remaining cautious and may be patiently waiting for higher prices.

One might argue that this selling volume could describe investors with a swing trading style, who accumulated funds after the ETF launch and plan to only buy in during the next wave of market upswing.