According to Glassnode, as the price of Bitcoin rose, all 14 million BTC held by long-term holders entered a profitable state, which inspired an acceleration in the selling activity, resulting in a non-small balance decrease of over 200,000 BTC since the all-time high break. Long-term holders began to take profits when the price was strong and demand was sufficient to absorb, and ETFs played a key role in this process, absorbing more than 90% of the selling pressure of long-term holders. However, as unrealized profits reached more extreme levels, more long-term holders are expected to accelerate the selling, which has exceeded the inflow of ETFs in the short term. However, with a large number of bitcoins still held by long-term holders, many long-term holders may be waiting for a higher price before releasing more bitcoins back into circulation.