Recently, during this pullback of Bitcoin, there is a rather interesting phenomenon - the main ones falling are those medium-term players who have held coins for three to five years, while the real old suckers (those who have held coins for more than five years) remain basically unaffected.

The data is straightforward: over the past month, BTC has dropped by about 13%, and at the same time, nearly 50,000 coins have flowed out of spot ETP products. Market sentiment? It has fallen to the lowest point this year.

On-chain tracking can better illustrate the issue. Those holding between 10,000 to 100,000 BTC have been continuously reducing their positions over the past six months to a year. Addresses of this magnitude are usually institutions or early miners, and their actions often signify something.

On the contrary, true long-term believers are not making any moves and are still holding onto their assets. This differentiation in holding structure actually reflects the current market's entangled mentality—short-term pressure is immense, but the long-term logic remains.