Bitcoin is undergoing a silent shift in holdings.

On-chain data reveals an interesting signal—the selling pressure from early holders is clearly cooling down. The average spent UTXO over the past 90 days has dropped from over 2000 BTC at the cycle high to around 1000 BTC. It sounds like a big number, but what does it imply? Simply put—fewer people are willing to sell, and more are holding on tightly.

Why is this considered a positive sign? Once long-term holders lock in their positions, the circulating supply of coins continues to tighten. During the same period, net outflows of BTC from exchanges reached the highest level in recent months. This indicates funds are fleeing exchanges and flowing into cold wallets. From another perspective: large investors are moving Bitcoin from easily sellable places to long-term storage.

From a technical perspective, the market structure is gradually approaching a breakout. The market is beginning to leave room for an imagination above the $107,000 level. But there's a trap to avoid—pre-breakout volatility is often fierce, and short-term leverage is most vulnerable to being wiped out at this stage. Moreover, if a macro black swan event occurs, the rhythm could be disrupted at any time.

An easily overlooked macro signal: the correlation between Bitcoin and gold has flipped to negative. Historically, whenever this structure appears, Bitcoin usually enters a strong trending phase within 1 to 2 months afterward.

Ultimately, what truly drives Bitcoin's long-term movement is never retail sentiment, but the change in the chip structure. What we see now is not fanaticism, but large funds quietly accumulating.

In one sentence: as the number of willing sellers decreases, the only direction for the price is—up.