According to ChainCatcher, Glassnode released a report stating that the market has been in a sideways state since it hit an all-time high of $73,000 in March. Since the beginning of May, market demand momentum has turned negative. Glassnode examines the funds flowing into the market by analyzing the cost basis of short-term investors. On the supply side, it refers to long-term holders and finds that the unrealized profits held by this group of people are statistically far from the historical peak. Although the consumption of long-term holders accounts for only 4%-8% of the total consumption, the profits realized through consumption usually account for 30%-40% of the cumulative profits in the bull market. This finding highlights that in the bull market, wealth is concentrated in old coins.