Analyst: Bitcoin Short-Term Holder Ratio Drops to 23.5%, a Multi-Year Low

Odaily News: CryptoQuant analyst Axel Adler Jr. stated that the proportion of short-term Bitcoin holders in realized market cap has dropped to 23.5%, a multi-year low, with only 4% of historical periods seeing lower levels. Meanwhile, the proportion of long-term holders has risen to 52.5%, approaching the historical peak of 55% seen in 2018. Three months ago, these two figures were 40% and 42% respectively, indicating that Bitcoin is shifting from short-term speculators to long-term holders.

Axel Adler Jr. noted that the decline in the proportion of short-term holders signals reduced speculative turnover and limited new capital inflows, while the rise in long-term holder proportion indicates that 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 may persist and prices could continue to decline, similar to the bottoming range observed from 2022 to 2023.