How much liquidity have the beneficiaries withdrawn from this cycle? BTC is the most typical form of profit taking for old money, where institutions passively receive and exchange chips. The old whale of BTC has almost strictly achieved the realization of profits, According to Glassnode data, long-term holders achieved a daily profit of $1.47 billion in June of last year, In addition, in October 2025, the net position of long-term holders continued to decrease at a rate of -104000 BTC/month, At the same time, the scale transferred to the exchange increased to $293 million per day. Since the beginning of 2024, Early Whale has accumulated a profit of approximately 3.27 million BTC, which is mainly borne by nearly $100 billion in ETF/ETP funds. The performance of ETH is different from BTC. ETH is mainly due to the collapse of the staking system and the gradual takeover by institutions and ETFs. According to LDO data, ETH staking will result in a cumulative net outflow of approximately 1 million ETH throughout 2025, with a significant amount of staked ETH being directed towards ETFs and compliant digital asset vaults. However, due to differences in liquidity, ETH has not undergone significant turnover or selling, and most ETH is in a state of migration, i.e. pledging → compliant interest earning. At the same time, the total assets of ETH ETFs have also reached around $19.1 billion. Compared to ETH and BTC, shanzhai can be said to be quite brutal. Only look at encrypted ETF/fund products. XRP: Net inflow of approximately+$3.7 billion SOL: Net inflow of approximately+$3.6 billion The total net inflow of all remaining altcoins for the whole year of 2025 is only $318 million. It is highly likely that in cryptocurrency exchanges, apart from the top tier altcoins, the inflow of other altcoins in 2025 will only be about 1/10 of that of tokens such as SOL.