Based on the data of long-term holders who have never missed a position for over a year, $BTC is currently still in a distribution phase rather than an accumulation phase. If this data is indeed accurate this time, it indicates that there is still potential for BTC's price to rise.

Moreover, the distribution by long-term holders is likely correlated with a decrease in the exchange's inventory, as investors are buying more than they are selling, continuously acquiring BTC from exchanges and withdrawing it, leading to a reduction in the exchange's inventory. Therefore, the distribution by long-term holders can currently be equated to the decrease in the exchange's inventory.

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