Plummeting 74% and holders don’t run! On-chain reveals: veteran investors have firmly set the bottom at 58,000
The ceasefire in the Middle East briefly stimulated Bitcoin to break through 106,000, with altcoins following suit. However, behind this short-term volatility, on-chain data reveals more critical signals: the real Bitcoin veterans haven’t moved at all.
Data as evidence: CryptoQuant shows that over 70% of Bitcoin has been 'sleeping' in wallets for over 155 days, and this proportion continues to rise. In March this year, during a deep correction, 74% of holders remained completely still, firmly sealing the market bottom. In the face of geopolitical fluctuations, veteran players calmly hoard coins, holding out for a bull market.
Although there were profit-taking opportunities around 100,000, the selling pressure is far lower than at the peak of the 2021 bull market. The key change is that the proportion of 'old coins' held for more than six months has significantly increased, while short-term speculative activity is sluggish. This is a typical feature of the later stages of a bull market: long-term capital accumulation, with the whales controlling the situation.
Positive factors accumulating: Texas has legislated to establish a 10 million dollar public Bitcoin reserve, and other states may follow suit; Federal Reserve Governor Bowman has signaled 'interest rate cuts if inflation is controlled', leading the market to bet on liquidity easing. Bitcoin, as 'digital gold', will benefit from both anti-inflation and liquidity expectations.
Sheng Ge observes: the market often starts during quiet periods. Currently, the proportion of large holders holding for 1-5 years is rising, with capital flowing from retail investors to long-term holders. Once this structure matures, there is huge potential for future market trends.
Long-term holders are firmly bullish, favorable policies are brewing, and the liquidity floodgates are about to open, with three major signals emerging simultaneously. Short-term fluctuations are not to be feared. Keep a close eye on core data: when market discussions suddenly disappear, it is often the night before a major uptrend. In the crypto space, patience is worth more than leverage.
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