#代币空投与发放 The signal that the long-term holder distribution wave has stopped is worth paying attention to. From on-chain data, the distribution of BTC long-term holder supply showed a pause in distribution for the first time since July. This usually reflects two pieces of information: first, that large holders have adjusted their expectations for the subsequent market; second, that the release of distribution pressure may create conditions for a rebound.

However, it is important to be cautious—stopping distribution does not equal a buy signal; it only indicates a temporary easing of selling pressure. More importantly, observe the subsequent actions of these long-term holders—are they truly bullish and starting to accumulate, or are they merely adjusting their distribution rhythm? It is recommended to continue tracking the on-chain activity of these whales to see if there are signs of new capital inflows. Combining this with exchange outflow data can lead to a more confident judgment.