On-chain data shows that the market landscape has undergone a decisive shift, with long-term Bitcoin holders ceasing to sell and beginning to accumulate. Since mid-February, Litecoin (LTH) supply has been steadily increasing. The LTH-SOPR falling below 1.0 further reinforces this accumulation signal, indicating that resilient investors are selling at a loss. Institutional capital flows are testing this view; spot Bitcoin ETFs saw a net inflow of $471.3 million on April 6, driving Bitcoin's price up over 8% in two days and breaking through $72,000. The main risks to watch are a stagnation in Litecoin accumulation or a significant decline in ETF capital inflows.