According to analysis data from Glassnode, since the supply peaked in November 2023, long-term holders have sold approximately 300,000 BTC. More than half of this is outflow from GBTC. In addition, Bitcoin's increase has reached +130% over the past 12 months and exceeded +207% since its low point in November 2022. The current trading price is only -28.6% lower than its all-time high. As the market gets closer to the highs of 2021, there are fewer and fewer Bitcoins supplied at a cost higher than this level. Given that GBTC has experienced an outflow of funds worth about 151,500 BTC, it indicates that the remaining supply of around 148,000 BTC by long-term holders can be attributed to investors selling off their holdings; this may suggest a shift in investor behavior as some coins have been sold and profit-taking begins to increase.(Note: Long-term holders refer to those wallets that have held Bitcoin continuously for more than 155 days.)