Golden Finance reported that according to Glassnode, as the price of Bitcoin rose, all 14 million BTC held by long-term holders entered a profit state, which triggered an acceleration of selling activities, resulting in more than 200,000 BTC since the breakthrough of historical highs. The balance of BTC dropped slightly. Long-term holders began to take profits when prices were strong and demand was sufficient to absorb it, and 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, which has exceeded ETF inflows in the short term. However, since there are still a large number of Bitcoins held by long-term holders, many long-term holders may be waiting for higher prices before releasing more Bitcoins back into circulation.