Long-term holders (LTH) are showing increased selling pressure, putting some strain on the current BTC price. In terms of distribution scale, it’s overall lower than November but higher than the phase bottoms in August 2024 and April 2025. At the same time, the FBS curve is still slowly recovering (supply from new investors), indicating that new demand is gradually returning. In our December 11 tweet, we analyzed that the recovery of the FBS curve wouldn’t immediately lead to a V-shaped rebound in BTC prices. During this process, BTC often fluctuates up and down, and it might even retest the bottom. Looking at the current situation where LTHs are increasing their distribution as prices stabilize slightly, this basically aligns with our previous expectations. As long as the FBS curve continues to rise, the overall direction should remain correct, though the process will have its ups and downs. ---------------------------------------------- This post is sponsored by @Bitget｜ Bitget VIP: Lower fees, bigger perks