Odaily News According to data disclosed by Glassnode, as the price of Bitcoin rises, all 14 million BTC held by long-term holders have entered a state of profit, which has stimulated the acceleration of selling activities, resulting in a non-insignificant balance drop of more than 200,000 BTC since the historical high breakthrough. Long-term holders began to take profits when prices were strong and demand was sufficient to absorb them. ETFs played a key role in this process, absorbing more than 90% of the selling pressure from long-term holders. However, as unrealized profits reach more extreme levels, more long-term holders are expected to accelerate selling, and such selling has exceeded ETF inflows in the short term. However, since a large amount of Bitcoin is still held by long-term holders, many long-term holders may be waiting for higher prices before releasing more Bitcoin back into the circulation market.