Crypto market analyst gaah, citing data from CryptoQuant, said the ratio tracking Bitcoin holdings between long-term holders and short-term holders has climbed to a 30-month high. The metric is used to measure how BTC supply is distributed across those two cohorts. According to the analysis, extreme readings in this indicator have historically not aligned with euphoric market tops. Instead, they have tended to appear during re-accumulation phases. The analyst also said past bull market tops usually emerged after the ratio started to fall from elevated levels, rather than when it was making fresh highs. At the same time, with BTC still trading about 50% below its previous all-time high, long-term holders are continuing to absorb coins circulating in the market. The observation points to ongoing accumulation by longer-duration holders under current price conditions.
Crypto market analyst gaah said in a post, citing CryptoQuant data, that the ratio of Bitcoin holdings between long-term holders (LTH) and short-term holders (STH) has risen to a 30-month high.
The indicator is used to track how Bitcoin supply is distributed between long-term and short-term holders. According to the analysis, extreme highs in the metric have typically not appeared at euphoric market tops, but during re-accumulation phases.
gaah added that, historically, bull market tops have usually formed when the ratio began to decline from elevated levels, rather than when it was setting new highs.
With BTC still trading about 50% below the previous cycle's all-time high, long-term holders are continuing to absorb circulating supply, the analysis said.
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