<ul data-eligibleForWebStory="false">Despite Bitcoin trading near all-time highs, holders are hesitant to sell as long-term conviction outweighs profit-taking.Average unrealized profit per investor is around 125%, indicating a shift towards accumulation over selling into strength.Institutions and ETFs are driving the market, treating BTC as a long-term strategic asset rather than a short-term trade.Analysts suggest that most short-term profit-chasers have already exited, leaving allocators holding onto Bitcoin as a macro thesis.