On July 4th, according to CryptoQuant data, about $2.40 billion worth of bitcoin with a holding period of 3-6 months was transferred during this decline. Analyst CauêOliveira pointed out that this represents selling pressure on some entities that bought at the beginning of the year, or speculators who are targeting bitcoin ETFs and halving expectations are being purged. On the other hand, entities that have not adopted a more significant selling pattern for more than a year, indicating that true long-term holders are still holding bitcoin.