According to CoinMeta, as stated by on-chain analyst Murphy, there are approximately 4.77 million BTC tokens remaining from those purchased in 2025, which represents a 41.5% decrease from the peak in December last year. The reduction in the number of tokens in 2025 reflects sellers among the holders, who constitute the largest potential supply side in the current market. In contrast, the BTC tokens formed in 2024, 2023, and 2022 have largely completed the release of their locked-up positions at high levels. Referring to historical cycles, the reduction in high-level tokens in 2025 is expected to be in the range of 50%-60%. The current 41.5% decline still has room for further reduction, but this assessment does not take into account the purchases of ETF in spot markets or BTC by institutional investors such as micro-strategy companies.