Bitcoin's recent ~15% drawdown from ~$88,000 to ~$74,400 highlights a deeper narrative beyond price fluctuations. On-chain data reveals significant shifts in market behavior, particularly among Short-Term Holders (STH) and Long-Term Holders (LTH). On April 7th, STHs realized $10.1 billion in losses, while LTHs increased their holdings by $9.7 billion, indicating a transfer from weak to strong hands. This trend continued on April 8th, with STH losses slowing and LTHs accumulating further. Such structural divergence suggests a potential market bottoming phase, as STHs reduce supply and LTHs strengthen their positions, signaling optimism for long-term recovery.