分析：Bitcoin long-term holders' holdings hit a record high, potentially signaling an early cycle bottom

Odaily Planet Daily News Swan Bitcoin CEO Cory Klippsten stated that Bitcoin long-term holders' holdings have risen to a record high, which may mean that the bottom of this crypto market cycle will arrive earlier than before. According to data from on-chain data platform Glassnode, the Bitcoin held by current long-term holders (holding coins for at least 155 days) has reached approximately 14.7 million BTC, a historic high, indicating that seasoned investors continue to "hold and not move," reflecting strong market confidence. On-chain data also shows that since November 2025, the supply of long-term holders has increased by about 14%, suggesting that the market has re-entered an accumulation phase after the earlier large-scale liquidation.

Cory Klippsten pointed out that in historical cycles, such holding levels typically correspond to the market's bottom area, reflecting long-term capital's firm expectations for Bitcoin's future value. He believes this may mean the bottom of the current cycle will come earlier than the historical average pace.

However, this view is contrary to some market predictions. For example, Jiang Zhuoer, founder of Lebit Mining Pool, believes the Bitcoin cycle bottom might occur between October and December 2026 and may be influenced by the Mining Asset Net Value (mNAV) cycle. Additionally, market sentiment is affected by the progress of U.S. crypto regulation. Grayscale noted that uncertainty remains regarding the passage of the CLARITY Act; if legislation is delayed, it could lead to continued institutional deleveraging, thereby putting additional pressure on Bitcoin's price. (Cointelegraph)