On October 24, $TRUMP 4, according to CoinDesk, as the price of Bitcoin rises above $90,000, long-term holders (holding for ≥ 155 days) continue to buy, absorbing selling pressure from short-term holders at a ratio of 1.38:1. Since January, the net increase in Bitcoin holdings by holders has been 635,340 BTC. Currently, long-term holders have a total holding of approximately 13.755 million BTC, accounting for about 65% of the circulation. Short-term holders possess approximately 3.51 million BTC and have reduced their holdings by about 460,000 BTC over the past 155 days.

The cost basis for long-term Bitcoin holders is mostly concentrated in the $65,000 to $95,000 range, while short-term holders have generally taken profit or cut losses recently, and market sentiment has not fully recovered. Although Bitcoin is still down 30% from its historical high of $109,000 in January, long-term holders continue to hoard at low levels, displaying typical characteristics of distributing at high levels. Currently, there are 2.6 million BTC in the market at a loss, primarily from purchases made above $95,000, creating a strong resistance level. The market needs to pay attention to whether the key psychological level of $95,000 can be effectively broken.