Just a little explanation: Firstly, the definition of long-term holders of Glassnode is that they have not moved for 155 days. Therefore, based on the most basic data, the increase in long-term holders represents an increase in the data of Bitcoin that has not participated in the turnover. That is to say, when the long-term holdings of Bitcoin increase, it often represents that these native holders have little interest in short-term trading, and of course, it can be considered that these investors are "trapped". However, in reality, this explanation of not leaving due to being "trapped" is incorrect. For example, is the holder who sold for $69000 in the previous cycle now losing or making a profit? After all, the long-term holdings of Bitcoin exceed 14.77 million, which indicates that over 70% of Bitcoin holders are long-term holders. Are 70% of long-term holders actively trapped? Obviously not. From the data, it can be seen that long-term holders currently have over 10 million profitable chips, which means that over 67.7% of Bitcoin among long-term holders is profitable. From what we can see now, it is true that investors from 155 days ago were trapped. However, for two 155 days ago and three 155 days ago, the reason why long-term holders are long-term holders is because they are not dominated by short-term price changes. Secondly, and most importantly, what many investors overlook is that the increase in Bitcoin holdings held by long-term holders indicates that these investors have not recently sold Bitcoin: native, or in other words, the BTC sold by long-term holders is much lower than the amount held in Bitcoin. Speaking of which, the increase in long-term holdings of Bitcoin represents not selling for a long time, and not selling in the near future (selling less recently than holding for a long time). And some of our friends didn't take a closer look. The chart shows two pieces of data, one of which is the stock of the exchange. The reason why investors are interested in Bitcoin between $60000 and $80000 is because they believe that the stock of the exchange has significantly decreased in this range. So at the very least, the continuous increase in long-term holdings of Bitcoin indicates that more holders are holding Bitcoin rather than exchanging it.