I recently observed an interesting phenomenon. In mid-January, during these days, long-term holders have been selling aggressively, selling about 62,656 BTC from the 14th to the 18th, which is more than 150% higher than previous trading volumes. These people bought at low prices in earlier years, and now at this price level, their profit-taking is already substantial.

But there's a detail worth noting — whales and large investors are actually buying during the same period. Plus, on January 13th, a single-day ETF inflow of $900 million essentially offset the selling pressure from holders.

In simple terms, the chips are shifting between different groups. Old retail investors take profits and secure gains, while institutions and new funds take over the baton, continuing the cycle. Although this process seems intense, it’s actually the market completing a natural turnover. Who profits and who loses ultimately depends on positioning.