The sell-off intensity of $BTC in the past few days has reached the strongest level of this bull market, even surpassing the peak of the last cycle. Total holdings have hit a new low, dropping to the 2022 bear market range. This further confirms the ultra-long-term holding whales (as shown in the right chart) are cashing out profits at a historic level. Not sure if Japan's interest rate hike this week will accelerate the explosion point for MicroStrategy's average price at 74,000, but even if it doesn’t, it’s getting close. At this point, the latecomer bosses will finally believe the bear market is here and start panic selling. #BearMarket #SellTheTop #BullMarket #OnChainMetrics