The evolution of #Bitcoin at 118K$ reveals a fundamentally different market structure from the 2021 cycle:

Long-Term Holders (LTH) hold ~15.59M $BTC, close to historical records, demonstrating strong structural conviction.

Short-Term Holders (STH) only concentrate ~4.31M BTC, an unusually low level for this phase, well below the peaks of 2021 (~6.59M BTC).

This bullish dynamic is driven by institutional accumulation rather than mass speculation. The absence of retail euphoria and the low distribution among short-term holders suggest a stronger foundation, supported by professional players with long horizons.

👉 A structurally different rally, less speculative but potentially more sustainable.