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ChainCatcher news, 10x Research published that on-chain data shows Bitcoin is systematically flowing from early investors to high-net-worth individuals, hedge funds, and corporate treasuries. The current rise is not driven by retail investors' frenzy, but rather by large investors, with controlled fluctuations and asset rotation. Historical experience indicates that the real risk is when long-term holders stop selling. Currently, their holding amount is still increasing, and the cycle is not over. Institutions expect Bitcoin's next target price to be $122,000.