According to Alexander Blume, managing partner at Two Prime, Bitcoin (BTC) is in equilibrium as speculators sell amid geopolitical risks while long-term investors buy, countering ETF inflows. Glassnode data shows short-term holders, with coins held under a year, accounted for 83% of realized profit recently, contributing $904 million in selling pressure from wallets holding 6-12 months. Long-term holders realized $1.2 billion in profits last week, per Glassnode. Miners sold approximately 30,000 BTC over 20 days, according to IntoTheBlock. Benjamin Lilly, founder of Jarvis Labs, noted accumulation stalled as delta-neutral trades offered 15-30% APY alternatives, while Jimmy Yang, co-founder of Orbit Markets, observed holders diversifying into equities and gold. Markus Thielen of 10x Research highlighted key levels at $102,000 support and $106,000 resistance.