Recently, a noteworthy phenomenon has emerged on the blockchain—those Bitcoin addresses that have been dormant for years are becoming collectively active. This is not a coincidence but the third large-scale awakening of old chips in history, and the on-chain community has responded strongly.

On the surface, the market still appears to be fluctuating normally, lively and bustling. But a closer look at on-chain data reveals that the true story has long been exposed. The key signals come from long-term holders who have held their coins for over 155 days—they are systematically cashing out and exiting. This group is the most astute players in the market, quietly positioning during bear markets and precisely escaping during bull markets, always sensing the market half a beat ahead of retail investors.

Their actions are clearly written on the chain: the current price no longer holds any appeal for them. Data confirms this judgment—the holdings of long-term holders have dropped to a new low in eight months. More importantly, the scale of this sell-off is only second to the peak of the 2017 bull market, which is far from ordinary position adjustment; it is a genuine profit-taking harvest.

What does this mean? The market’s most stable "ballast" is beginning to loosen. Once this group of veteran players completes their exit, the subsequent selling pressure will only intensify layer by layer. Many are still dreaming of chasing higher prices, but they must understand—what appears to be an opportunity in the current volatility actually harbors risks. The tail-end rally is the easiest to deceive people; a slight misstep can turn you into a bagholder.

The attitude towards this should be very straightforward: take profits in time and don’t expect to catch the very last point. On-chain data has already provided the answer; whether you listen or not is up to you.