On-chain data shows that the Bitcoin market is experiencing a significant shift in holdings not seen in five years. Since 2023, 'diamond hands' who have been dormant for over two years have cumulatively reduced their holdings by 1.6 million bitcoins, with selling pressure reaching as high as $140 billion at current market prices. Especially in the past month, the distribution intensity of long-term holders (LTH) has reached a five-year high. This 'awakening of old coins' is typically a signal in the late stages of a bull market: early profit-takers are cashing out, and the market needs sufficient new funds (such as ETF inflows) to absorb this massive selling pressure. If buying demand dries up, this continued supply from 'smart money' will become the biggest resistance to the coin price returning to previous highs. $BTC