According to Golden Finance, Glassnode analyst @_Checkɱate posted on social media X that the situation of Bitcoin breaking through the historical high (ATH) this time is almost the same as before. Long-term holders (LTH) began to use the new influx of demand and liquidity to sell their tokens, and smart investors would buy low and sell high. In the first two bull market cycles, the new demand for Bitcoin was able to absorb the selling of long-term holders in about 6-8 months, while also pushing up prices. Considering that the current typical long-term holder supply has dropped by 14%, about 40% of this process has been completed (only an estimate). Considering the fund flow of spot Bitcoin ETFs and GBTC, the long-term holder supply distribution in the process of Bitcoin breaking through ATH this time is similar to the previous situation. According to calculations, GBTC accounts for about 25% of long-term holder expenditures, while ETF demand accounts for about 40% of net capital inflows.