Recently, the number of chips held by long-term holders (holding>about six months) has decreased synchronously with the BTC price, which is atypical Generally speaking, long-term coin holders, due to their abundant floating profits, often continuously sell and profit during the rise of the coin price, and choose to remain dormant during the decline of the coin price Let's uncover which long-term holders are still selling during the process of currency price decline Investors who have been holding coins on the chain for 3-5 years have recently experienced a daily sell-off of $4.37 billion, but it is highly likely that the behavior of a single entity is not universal (limited by the number of inserted images, this image is omitted) In addition, investors who have held coins on the chain for 6 to 12 months have recently sold a large amount, and they are the main force who have been continuously selling chips despite the recent decline in coin prices Calculate that these investors who hold coins for 6 to 12 months will enter the market from October/November 2024 to April/May 2025 It can be seen that the main group of investors in this group are those who were trapped at over $90000/100000 from the end of the 24th to the beginning of the 25th. However, the recent decline in the coin price has continuously touched or even fallen below the entry cost price of these investors. Due to their unwillingness to bear greater losses, they chose to sell their chips and leave the market in a no loss/minimal loss manner. This is the main reason why the number of long-term holders' chips has decreased synchronously with the coin price in recent times Coincidentally, after a 21 year high of $69000 in history, the number of long-term holders' chips also fell in sync with the coin price The logic behind it is similar to the current situation, both of which are that a large number of chips were trapped at the first peak of the double top (with a price of $6w+in the first half of 2021), and then during the decline after the second peak of the double top, the chips trapped at the first peak could no longer tolerate losses and sold off their chips Conclusion: The internal logic behind the recent atypical chip selling behavior of long-term coin holders is similar to that of $69000 in 2021, but this does not necessarily mean that they will enter the bear market in the future like $69000 in 2021 First of all, the active selling of the jacketed chips at the end of 24 to the beginning of 25 will not continue all the time. If the foam continues to squeeze out as the currency price continues to decline, the atypical selling behavior of these investors will gradually return to normal Secondly, the major bear market after $69000 in 2021 is strongly correlated with the downturn in the US stock market and global financial markets at that time, and the situation at that time cannot be blindly applied to the current situation The focus for the next 2-3 months should be on when the active selling of profitable chips will slow down? And when will the market foam be squeezed out as the currency price may continue to decline? Continuing to patiently wait for a better entry opportunity is a suitable choice for the future period of time