Thank you very much for such a detailed explanation.

From a definitional perspective, my previous understanding had some errors; it should be that if long-term holder accounts increase their holdings, they will also be averaged in.

(Although I think there are some issues with how Glassnode processes the data, I believe Bitcoin should track the amount of BTC based on UTXO rather than based on addresses, as it would be more scientific.)

However, the overall conclusion is not problematic. Because the increase in the number of long-term holders has a significant contribution from short-term holders who are holding without selling, rather than buying.

This observation originated from my discovery at the time that the number of long-term holders holding reversed, meaning it turned from a decline to an increase, always preceding the bottom of BTC.

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