Odaily Planet Daily reports: Axel Adler Jr., an analyst at CryptoQuant, said the percentage of Bitcoin short-term holders in the realized market cap has dropped to 23.5%, a multi-year low—historically, only 4% of the time has it been lower than the current level. Meanwhile, the share of long-term holders has risen to 52.5%, nearing the historical peak of 55% seen in 2018. Three months ago, these figures were 40% and 42%, respectively, indicating a shift in Bitcoin ownership from short-term speculators to long-term holders.
Axel Adler Jr. noted that the decline in the percentage of short-term holders indicates reduced speculative turnover and limited new capital inflow, while the rise in long-term holders suggests Bitcoin is aging and remaining dormant, with supply consolidating among strong hands. However, this structure alone does not constitute a buy signal; if demand fails to return, low activity could persist, and prices may continue to decline, similar to the bottom range seen from 2022 to 2023.