Recently, I noticed an interesting phenomenon—addresses holding between 1,000 and 10,000 Bitcoins, with large holders decreasing their holdings continuously. Data shows a year-over-year reduction of 220,000 BTC, the largest wave since 2023.

Looking back at historical records, this is not the first time such a situation has occurred. Between 2021 and 2022, similar scenarios happened when large holders also adjusted their positions, followed by a significant rally in Bitcoin prices. So from a certain perspective, this wave of reduction might be a market rebalancing signal.

However, to be clear—reducing holdings doesn't necessarily mean selling off; it could also be position management or liquidity adjustments. Market participants are exploring new strategies, which may involve multiple factors. Fluctuations in the global macro environment, geopolitical changes, all can indirectly influence the direction of the crypto market.

How the subsequent market will develop depends on these key nodes. Holding data is just one dimension; the actual price trend requires a comprehensive analysis of various factors.