An unprecedented large-scale transfer of chips is happening on-chain.

In the past five years, such activity has never been seen before. Starting from 2023, long-term holders with over two years of chips have collectively begun to reduce their holdings—selling a total of 1.6 million Bitcoins, which at current prices amounts to approximately $14 billion in selling pressure directly hitting the market.

What’s even more noteworthy is the data from the past month. The distribution activity of long-term holders has reached a five-year high. Dormant old chips are flowing in large quantities, indicating what? Early smart money is taking profits.

This signal is very clear— the late stage of a bull market may have already begun. But then the question arises: who will absorb this wave of chips being sold?

The current market pattern is a battle of funds. On one side are the old holders cashing out, and on the other side, sufficient new capital (such as inflows into spot ETFs) is needed to absorb this pressure. If new buying momentum stalls, these 1.6 million Bitcoins worth of chips could become the biggest obstacle preventing the price from returning to previous highs.

Ultimately, this is a scenario of "old money exiting, new money stepping in." The old players are cashing out and leaving, but can the new forces withstand this pressure? The future trajectory of Bitcoin in the coming months depends on this battle of capital.