This recent event is quite typical. Nakamoto, who has always preached "Bitcoin faith," sold 284 BTC in March, cashing out about $20 million, and did so at a price nearly 20% below previous valuations. At the same time, they also cut their losing Metaplanet holdings.

Many people might think the market is not doing well, but the more realistic situation is: it's not that the market has changed, but that some are starting to hold on no longer. During a bull market, faith is easy because the rising prices mask all problems.
But once the market enters a consolidation or downtrend phase, faith requires costs to sustain, and most people are not as steadfast as they seem. More importantly, they are shifting towards business operations, acquiring BTC Inc., UTXO, which essentially means moving from "betting on prices" to "seeking cash flow."
This also indicates a trend: relying solely on holding coins and waiting for prices to rise is becoming increasingly difficult. Going forward, those who survive will either have traffic or cash flow. The rest will likely be gradually eliminated by the market.