I looked at the changes in BTC's active total supply over 3-5 years and 5-7 years. I found that two groups of people have different feelings towards BTC. 5-7 years are more like BTC's "market makers", with price trends inversely proportional to total supply trends for most of the time, and sometimes price drops are their own fault, giving you a feeling of being forced to hand over chips. However, they are really wealthy and have very low chip costs. The overall supply trend of 3-5 years is actually mostly proportional to prices. But when the price reaches an extreme high point, such as above 80000 to 90000 yuan, it is sold. Like a wealthy BTC believer leek. But people haven't lost money either. And the price increase is also due to their contribution Compared to being smart, who can compare to a "market maker" who is 5-7 years old. With regard to the shipment situation of these two groups of people, plus the growth rate of the net position of stable currency mentioned above, the net position of stable currency with a price of about 104000 last November was almost more than 11 billion dollars, and Trump was elected, which is a huge advantage for supporting encryption And currently, the net position of stablecoins with a price of around 104000 is less than 7 billion US dollars, and there is currently no greater macro expectation for more than a month The price is going to continue to rise sharply, it's dangerous The above is only personal opinion and not investment advice.