In Master Jin Yong's classic work "The Heaven Sword and Dragon Saber", Zhang Wuji possesses two unique martial arts skills: the "Nine Yang Manual" and the "Great Migration of the Universe"; But he was injured by his Yin Rou palm power during his first battle against Xuanming Er Lao on Wudang Mountain. Afterwards, he was taught the Wudang martial art "Tai Chi" by Zhang Sanfeng, and realized the supreme mind technique of using softness to overcome hardness. He was able to handle the Second Battle of Xuanming in Dadu with ease and even gained the upper hand. During the downward trend of this round, there have been multiple power struggles between long and short sides, like a battle between two martial arts experts. Long term holders (LTH) hold a large amount of unrealized profits, and their strong demand for profit realization makes them the dominant players in the short side. We know that in this cycle, there are structural changes in participants that are completely different from previous cycles (ETFs, DAT companies, national strategic reserves, etc.). At first, I and many of my friends had the same idea that bulls, under the protection of their divine abilities, would still fear the backlash of bears? But in fact, we underestimated the strength of the bears! There is a shocking set of data: since July 7, 2025, LTH has launched this epic distribution campaign, and to date they have spent a total of 509.5w BTC, accounting for 25% of the total circulation - if there were no data statistics, I would never have believed it! (Distribution to long-term holders and changes in net position) However, the actual net decrease in LTH was only a mere 41.7w BTC, indicating that 478w BTC have been held by new buyers (STH) and have become new LTH again. Who are these new buyers? Of course, this includes traditional capital led by BlackRock and MSTR, as well as some hidden bigwigs that we are not aware of. Even in the current bear market environment, as long as there is sufficient cost-effectiveness in prices, demand will emerge. When facing the internal energy attack of Xuanming Divine Palm, which is extremely yin to cold, the tactic of multiple parties is to block layer by layer and switch from attacking to retreating. For example, there has been a wave of strong demand before at around 100000, 8.50, and now at 6.70. But the bulls only accept panic liquidity and slowly consume the bearish momentum by using "softness to overcome hardness". If this wave does not work, then they will retreat to the next defense zone and not rush to launch a counterattack, counter the trend and pull the market. After selling over 500w chips, we do not know how many chips LTH still has in their hands that are eager to cash out at $60000. But from the trend of the data, it has started to gradually weaken. So, I believe that the 'bear bottom' is not far away from us. What we need most now is time, that is, when the bears exhaust their last bit of strength, it will be the day when the bulls reverse the trend in one fell swoop.