According to CoinMeta, based on CryptoQuant data, investors who have held Bitcoin for a long time are beginning to return to the market. However, with weak demand in the United States, the pressure to sell is increasing. The data shows that an increasing number of older Bitcoins are entering Coinbase, and the Coinbase premium index remains low, indicating that potential selling pressure in the market is returning, while the main sources of buying demand seem to be weakening. Although moving to exchanges does not necessarily mean immediate selling, historically, the movements of long-term holders have often attracted market attention, as this can increase market supply and affect short-term liquidity, especially when spot demand is weak.