The price increase cycle is slow but still ongoing
In previous cycles, the final stage of the bull market coincided with a sharp decline in the long-term BTC holding ratio (especially for BTC held for over a year). This occurs when old BTC is sold off, new capital flows in, and liquidity floods the market.
When this decline reaches an inflection point, the market shifts from a bull cycle to a bear cycle (orange frame).
Currently, the one-year BTC holding ratio is gradually decreasing, indicating that the market has not yet peaked.
In summary, the current market is slowly progressing in the bull cycle, but there are no signs that it will end soon. In fact, a strong price increase may be imminent.
