Wu Shuo learned from CryptoQuant analyst Darkfost that, based on CDD data, the activity level of Bitcoin long-term holders (LTH) in this cycle is clearly higher than in previous ones, possibly due to increased liquidity brought about by the launch of spot BTC ETFs and corporate BTC treasury holdings. However, since 2026, overall LTH activity has remained relatively calm; in the recent period, as BTC has risen, there has only been a modest uptick, which may reflect some profit-taking and a lack of sustained large-scale transfers. Darkfost believes that, overall, long-term holders are still mostly waiting and watching.