The second part of the Ark report, depicting the flow of funds from long-term holders, the core point is that although the outflow of funds from long-term holders means that there is profit-taking behavior at the margin, this behavior is not too exaggerated, this magnitude is still relatively small, representing the percentage change in the supply of long-term holders of Bitcoin in 30 days, and there has been a downward trend in recent times, and the last time it appeared was during the banking crisis in March last year. When the green shaded area appears below the horizontal line, it indicates that long-term holders are reducing their Holdings, with a 30-day net outflow of -0.3%, which Ark believes reflects moderate profit-taking activity in the short term.