Long-term and short-term holders of Bitcoin did not sell their bitcoins when the price rose sharply, and short-term holders sold bitcoins in large quantities, but in the end the price of bitcoin did not fall sharply, but was still in an upward trend. The bitcoins sold by short-term holders appear to be bought by long-term holders, who take advantage of short-term volatility to accumulate more bitcoins. Looking at the MVRV indicator, we see that this value is now at a critical level, and when the MVRV exceeds 2, it usually means that long-term holders may consider selling for profit.