I have been keeping an eye on this data these days: as of February 26th, the net position change of LTH still maintains a net growth; The specific details are as follows (from February 13th to February 26th): 1. A total of 14127 LTH BTC were spent; 2. At the same time, 19798 BTC of STH were converted into long-term holdings. After the positive and negative offsets, it remains positive, indicating that both long-term and short-term chips have reduced turnover, speculative funds have exited, and long-term funds are reluctant to sell. Although this has also reduced liquidity, the selling pressure has also weakened. Why focus on it? Because it summarizes the experience of January 14th. Due to the current pessimistic and sensitive market sentiment, once the selling pressure rises, it will be an extremely severe test for the limited demand in the short term. Even if it does not immediately have a direct impact, it will definitely increase the probability of the rebound terminating prematurely through indirect transmission. So At least recently, I have been taking a look at it every day (not just at it, of course).