Haha... seeing this puts my mind at ease! Starting from April 20, LTH net holdings began to decrease, and by April 24, a total of 98,154 BTC had been spent, with a net reduction of 24,205 BTC. As of April 24, the 7-day net holdings of LTH have turned negative. This shows that 'it’s not that they won’t sell, but the price hasn’t hit their target' — LTH still holds some weak hands, and as soon as the profit looks decent, they’ll sell. During this period, the price has clearly been under pressure, with BTC hitting resistance near the psychological $80k level. If you review past data, it’s not hard to see: if it’s the start of a bull market, when LTH distributes, the price will rise simultaneously, meaning there’s sufficient demand to continuously absorb the supply. So, price increase → LTH distribution → price pressure — this is not a sign of a bull market starting. The underlying logic here is still cautious sentiment (eager to take profits when there’s a gain) and insufficient demand (unable to absorb the excess supply). But don’t think this means we’re about to see a big move. I don’t think so. Based on the current situation, if the price pulls back, LTH distribution will most likely decrease, and the price will stabilize again. This creates a subtle range of up-and-down fluctuations. Under this 'weak supply-demand balance,' we’ll slowly grind through the latter half of the bear market.