Analysts say that in recent months, long-term investors have sold off some of their profits, while new entrants have continued to increase their holdings and hold them for the long term.


CryptoQuant.com analyst Crazzyblock stated that market behavior can be understood through Bitcoin's dominant position: "The pattern has been consistent in recent months: long-term investors cash in some profits through selling, while new market participants continue to accumulate and choose to hold long-term."