Thank you so much for such a detailed explanation. From the definition perspective, my initial understanding was partially incorrect. It seems that if long-term holder accounts increase their holdings, it will also be averaged in. (Although I feel that Glassnode's way of processing data has some issues. I think Bitcoin should track the amount of BTC based on UTXO rather than addresses, which would be more scientific.) That said, the overall conclusion remains valid. The increase in the number of long-term holders is largely contributed by short-term holders who stop moving their holdings, rather than by buying more. This observation came from when I noticed that the reversal in LTH holdings—shifting from a decline to growth—always happens earlier than BTC hitting its bottom.