Considering that the data of long-term investors is likely to be from exchanges, especially the long-term accumulation of large funds, the probability of being from exchanges or custodians is quite high. Therefore, for "investors", my personal suggestion is to look at two directions. The first is to look at investors who have held positions for more than a year. This part of the data has never been missed in history. From a general trend perspective, when investors who have held positions for over a year begin to distribute funds, it corresponds to the high point of the price, while when investors who have held positions for over a year begin to raise funds, it is often the low point of the price. So the biggest benefit of this data is not telling you who is selling, so there are many reasons for long-term investors to leave, whether it is the exchange, OTC, or changing their address. However, the ultimate result is that the departure of long-term holders brings about a price increase, or the price increase drives long-term holders to leave, which is not the focus. The key should be to pay attention to whether it is a distribution cycle in the detailed data. If it is a distribution cycle, theoretically there is still a chance for an increase, as this data has never been missed. Of course, it is only useful for BTC. However, if the trend of Bitcoin is not good, 99% of other tokens may not work. The second data that needs to be considered is holding more than 10 BTC, which is the choice of high net worth investors. Although the price may not necessarily rise when high net worth investors choose to buy, it is important to know that the price trend of BTC is determined by more investors and holders in the general direction. In other words, it is determined by large investors. So far, high net worth investors hold a total of 19391774 BTC, while small-scale investors hold 3471056 BTC. I remember a joke from before, where a laid-off worker accidentally got 500000 yuan. He didn't pay attention to how he would spend the 500000 yuan. He first asked his colleagues who he usually played cards and drank with, and then asked his former boss. The colleagues asked him to do business, and the boss asked him to buy a house. However, he chose to do business, so there's no need to say more about the outcome. When you feel lost in this market, you don't necessarily have to follow high net worth investors, but it may be more important to understand what high net worth investors are doing and why they are doing it. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex