Bitcoin (BTC) is currently exhibiting classic bull market behavior on-chain, according to CryptoQuant CEO Ki Young Ju. Short-term BTC holders are entering the market, acquiring coins from long-term holders. Short-term holders are investors who have held their coins for less than 155 days, while long-term holders have kept their coins inactive for 155 days or more. This transfer of BTC from long-term to short-term holders is a pattern typically seen in previous bull markets.
Ki Young Ju also notes that larger BTC investors with at least one whole coin are accumulating Bitcoin, while smaller entities with less than a coin are selling. This shift in ownership dynamics is a significant indicator of a bullish trend in the market. With President Trump’s global promotional impact, it is possible that the bull run could be extended by “another couple of quarters” longer than usual, potentially into 2026.
The distribution of Bitcoin in this cycle is unique, with a mix of retail investors (OG) and whales (OG) transitioning to retail investors holding paper Bitcoins and institutional whales. This final phase of distribution is expected to occur at least by mid-year, possibly extending into the next year. As of the latest update, Bitcoin is valued at $98,847.
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