Today's market - on chain selling is still ongoing, yesterday was a meat cutting sell-off But Why?? I looked at the data on yesterday's chain today and found that the sell-off is still ongoing There are a few points: From the perspective of realized profits and losses, realizing a profit of 600m on June 21 (which is a result of selling older and lower cost old coins with profits and leaving the market) resulted in a loss of 730m on June 23, which means there was a big wave of choosing to cut meat and leave the chain yesterday. 2 old coins moved, with a big wave on 6.21, a wave stopped on 6.22, and another big wave on 6.23. On June 23rd, a large wave of long-term holders' old coins flowed into the exchange. (5600 loss inflows, 1500 BTC profit inflows) The total amount of long-term holders has experienced a net decrease for the first time in recent times. 5 addresses (diamond hands) that have been increasing their BTC holdings for a long time have also experienced a net decrease in their balance for the first time in recent times. The above data can be detailed in Figure 1 So these days it's all old coins being sold Buying old coins from a few years ago and selling them with profits, buying old coins at a high level within a year, and also cutting meat while selling . The surface price seems calm, but the selling pressure on the chain is worsening . As with yesterday's conclusion, I also don't know why they chose to start selling at this time . To put it better, the old currency is being sold, but the price has not continued to decline and has been taken over by new funds .. Yesterday, I traded 170000 BTC in a single day, accumulating in the 62k level. Overall, 62~64k has accumulated over 100W BTC of chips here .. Of course, if we interpret it in a negative light, what if the selling pressure persists and cannot be sustained? It's impossible to make a judgment .. ---------------