CryptoQuant on-chain analyst @XBTManager posted that the current market selling pressure comes from investors who have held Bitcoin for 3-5 years, which is the so-called "old Bitcoin" holders. The number is small, but it can also have a direct impact on the market. The analysis found that the proportion of coins held for 3-5 years in the selling transaction is about 4%, the proportion of 2-3 years is about 8%, the proportion of 12-18 months is about 4%, and the proportion of 6-12 months is about 2%. Sometimes more transfers are made, sometimes less. The rest mainly comes from intraday traders. Overall, bitcoin prices fell after older bitcoins entered exchanges, but due to the small number of them, this selling pressure will not last long and the price should recover shortly after the initial impact.