The long-term holder data that has never been missed in history. In the past two weeks, I indeed had some doubts about this data, mainly because the price of $BTC was fluctuating downwards while long-term investors were still distributing. Correspondingly, the price should have been rising, but after a week, BTC's price did indeed go up. Of course, from a macro perspective, this is because investors anticipated a rate cut in September, but there is indeed a correlation that has returned with long-term investors.

From the current data, long-term investors are still in a distribution state. Of course, these long-term investors may not simply be individual users but rather the inventory of exchanges, which is also a significant possibility. This explanation clarifies why long-term holders (exchanges) have been decreasing while the price is rising. Currently, this data has not been falsified, and correspondingly, during the continued distribution, there is still a possibility for BTC's price to rise.

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