BlockBeats News, May 21st, 10x Research published a post stating that "On-chain data analysis shows that in 2025, Bitcoin's 'OG' wallets—those of early investors, miners, and longstanding exchanges—have been continuously distributing Bitcoin. This is not a panic sell-off, but a planned, rhythmic asset rotation, as Bitcoin is steadily flowing towards high-net-worth individuals, hedge funds, and corporate treasuries like MicroStrategy's. At the same time, exchange deposit levels remain low, and market volatility is being suppressed. This cycle is not like the rapid rise driven by retail FOMO in 2017 or 2021."

This market trend is slow, strategic, and institution-led. As long as whales can continue to absorb selling pressure, Bitcoin still has room to rise. Bitcoin's historical pattern indicates that the real risk is not when long-term holders start selling, but when they stop selling. That's when demand starts to weaken, absorption fails, and early investors are once again forced back into being 'passive holders.' We saw this scenario in March 2024 and again in January 2025. Both signals were clear—prompting us to switch to a bearish view at that time.

Currently, the holdings of long-term holders are still increasing, indicating that this cycle is not yet over. We accurately predicted Bitcoin breaking through $84,500, then rising to $95,000 and $106,000. Our next target is $122,000, based on our analysis model of macro cycles and behavioral fund flows, which has repeatedly identified major turning points."