Analysis: During the correction, BTC's long-term holding ratio has risen significantly, with coins shifting from short-term traders to long-term holders.

CryptoQuant analyst Darkfost pointed out that during the minor pullback after Bitcoin broke above $80,000, a relatively positive on-chain signal has emerged: the proportion of native Bitcoin supply held by Long-Term Holders (LTHs, addresses holding BTC for more than six months) has risen significantly. The logic behind this is that many coins purchased during the pullback have not been flipped quickly; instead, they are being held until they cross the six-month holding threshold, shifting from Short-Term Holders (STHs) to LTHs. This “buy the dip and hold tight rather than trade frequently” phenomenon typically occurs in bear markets or during sharp declines, reflecting reduced trading willingness among market participants and a preference for long-term holding. Darkfost considers this shift positive, noting that Bitcoin held by LTHs is usually “more stable” with lower liquidity and less prone to being sold off easily. An increase in such coins helps build a more solid support base. While this is a long-term positive development, it is not an immediate signal to reverse the market trend—bottoms are formed gradually over time. Most current market participants believe that a bottom region is taking shape, and the migration of coin supply structure is itself part of the bottom formation process.