In 2021, Bitcoin prices were about Long the same as they are now, but the Hash Rate of Bitcoin has tripled compared to then, which shows that it takes more Long cost and effort to get the same amount of Bitcoin. Miners are very confident and invested in Bitcoin, and they still actively participate in mining and use more advanced equipment in the face of higher energy consumption and competition, which shows that Bitcoin fundamentals are very strong. The reduced supply of long-term holders indicates that we are at the beginning of a Bull Market, and when this supply is fully absorbed, the price of Bitcoin will reach new heights.