Absolutely love seeing such high-quality discussions in the comments section, rather than questions like 'How low is the bottom?' 'When will we hit the bottom?' 'Should I go long or short?'...... Although our ultimate goal is trading, we must first respect objectivity, value logic, and see the essence clearly. CDD, also known as Coin Days Destroyed, refers to the age (holding time) of each BTC. Once spent, the coin age resets. So, the higher the CDD, the greater the 'quantity and age' of the BTC being spent. (Figure 1 - Long-term holder spending volume) For example, right now, the spending volume of BTC long-term holders is lower compared to the last bear market during March-June 2022 (Figure 1). However, entity-adjusted CDD (which excludes transfers within the same entity's addresses) is higher than the same period (Figure 2). (Figure 2 - Entity-adjusted CDD) The only explanation is: the BTC being sold now are 'very old' coins that have been held for a long time. For instance, OGs like Wu Jihan, who have weathered multiple cycles, are actually liquidating their BTC...... Although the absolute quantity isn’t huge, it’s still a significant blow to community consensus. This includes concerns and doubts about issues like 'quantum attacks,' 'anti-fiat properties,' and 'punk spirit,' leading to a surge in Google searches for 'Bitcoin going to zero.' This is the market! The stronger the belief in an 'eternal bull market' once was, the stronger the belief in 'world destruction' now.