Recently, I observed an interesting phenomenon. Some seasoned Bitcoin holders started to sell off significantly after the Federal Reserve issued hawkish signals and dampened market expectations of interest rate cuts. It is said that a single transaction involved over $100 million worth of BTC. It seems that under the expectation of the US dollar appreciating, these large investors are adjusting their positions. After all, if the Fed's stance shifts, the market's illusions of rate cuts are shattered, which indeed impacts the attractiveness of crypto assets. It appears that macro policy changes have a fairly direct influence on on-chain large holders.