An on-chain entity holding 100,000 BTC suddenly reduced its holdings by 25,000 BTC after BTC surpassed $86,000. This is the first significant sell-off by this group since April of this year. For now, it seems the market can absorb this selling pressure, but it’s also possible that the pressure hasn’t fully transmitted to the secondary market. We need to closely monitor the follow-up actions to determine whether this is a one-off event or a sustained trend. This could impact BTC’s price performance over the next 2-3 months.