Although the amount of BTC being bought is now decreasing and the purchasing power is insufficient, more Bitcoins are still moving in the direction of long-term holding. Therefore, fewer chips participate in the short-term exchange of hands, which can offset the lack of purchasing power. However, if investors after May gradually reduce their willingness to hold long-term, the number of BTC held in the short-term and the turnover rate will increase. If funds cannot be effectively increased and converted into purchasing power, it is easy for the selling pressure to be greater than the purchasing power, which is detrimental to the price trend. Especially after June, many investors panicked because of the BlackRock spot ETF. This part Investors are mainly concentrated between $28,000 and $30,000.