1️⃣ Long-term holders accelerate cashing out and releasing selling pressure on the chain. Since Bitcoin broke its all-time high of $126,000, it has fallen nearly 30% within two months. The supply of Bitcoin held for at least two years has decreased by 1.6 million coins since the beginning of 2023, worth approximately $14 billion, indicating that early holders are cashing out at the fastest rate in recent years. Since 2025, nearly $30 billion worth of Bitcoin that has been dormant for over a year has re-entered circulation. In the past 30 days, the distribution volume by long-term holders has reached one of the highest levels in five years. However, research institutions point out that this scale of selling pressure has significantly exceeded what can be explained by technical migration. The supply of Bitcoin held for over two years is expected to end its current downtrend in 2026. As the distribution cycle gradually approaches saturation, on-chain selling pressure is expected to ease gradually.