Well written, but I have a slightly different view on the selling part. In reality, long-term and high-net-worth investors hold the vast majority of Bitcoin positions, and these investors' holdings have been steadily increasing. To put it simply, high-net-worth investors are gradually transitioning into long-term holders, and they’re not very interested in turnover. The article is correct in mentioning Grayscale selling a large amount, but the amount sold is still significantly smaller compared to the shares purchased by BlackRock investors. In fact, Grayscale investors selling BTC spot ETFs is somewhat influenced by Grayscale's excessively high management fees. Also, it’s true that after Bitcoin’s price exceeded $100,000 this time, there are signs of early investors exiting. However, the Bitcoin leaving the market only accounts for 1.1% of the total long-term supply.