The cycle of trading situation from BTC chip turnover: Long term holders (long-term holders) begin to accumulate chips (or bands) - Long term holders accumulate chips over a large area (while short-term holders (short-term holders) surrender chips over a large area) - Long term holders distribute chips (while short-term holders accept distributed chips, at which point the price rises) - Long term holders begin to accumulate chips again - cycle ⚠️ Note that each of the above stages may take approximately 1-2 months or even longer. And the current stage is the accumulation of chips (or bands) through long-term holding Due to the current narrative of BTC, strategic reserves, purchases by listed companies, etc., short-term holdings may also directly become long-term holdings, resulting in fewer circulating chips in the market. This is a good thing. But next, we need to look at the impact of macro level events, and it is also possible to continue to follow the previous pattern of short-term holding and hand over chips on a large scale. Please supplement what was previously written, The K-line trend cycle of BTC: Small rise - Large main rising wave - High level sideways oscillation - High level falling, exploring low, then pulling back oscillation - High level falling, exploring new low, significantly pulling back and oscillating - High level falling, exploring new low, then starting low level oscillation to wash chips - Another small rise - Cycle The current stage is a high-level decline, a new low, a significant pullback, and then oscillation. In fact, the market is moving much faster than we imagined, and now BTC's self narrative is becoming stronger and richer. If viewed in conjunction with the macro perspective, the next good market trend will not be too far away.