ChainCatcher message: According to a recent report from Glassnode, the ongoing bull market for Bitcoin marks a significant shift of wealth from long-term holders to new investors, and the redistribution of wealth is a sign of the maturity of the Bitcoin market. Long-term holders have been realizing record profits, peaking at $2.1 billion per day, while new investors have sufficient demand to absorb this supply.According to the report, this trend indicates that the depth and diversity of the Bitcoin ecosystem are continuously expanding, thanks to increased institutional participation and heightened retail interest.In 2024, long-term Bitcoin holders (especially those holding for 6 to 12 months) have become the main contributors to selling pressure. These tokens were primarily acquired earlier this year, accounting for 38.5% of the profits realized since November, totaling $27.3 billion.Meanwhile, Bitcoin held for over three years is relatively stagnant, indicating that higher price levels may be needed to stimulate its sale.The report notes that this is a natural cycle in the Bitcoin market. As prices rise, long-term holders distribute their wealth, allowing new investors to absorb the supply.Despite significant profit-taking by long-term holders, new investors have shown resilience, providing the liquidity needed to maintain Bitcoin's upward momentum. Metrics related to short-term holders (STH) highlight their ability to withstand market adjustments without triggering a chain sell-off.Additionally, compared to previous bull markets, the volatility of the current Bitcoin cycle has also decreased. The maximum drop in August was 32%, significantly lower than the adjustment levels of previous cycles. Analysts attribute this stability to increased institutional participation, while the launch of spot Bitcoin ETFs and the widespread acceptance of digital assets have driven this trend. Besides the buying pressure from new retail investors, this institutional demand has also greatly supported the market, ensuring liquidity during sell-offs and supporting price resilience.

ChainCatcher news, according to IntoTheBlock data, long-term ETH holders have shown the conviction of this group this year, as their collective balance continues to increase. Approximately 110 million ETH is held by long-term holders.

ChainCatcher news, according to Cointelegraph, data shows that Bitcoin long-term holders (wallets holding Bitcoin for at least 155 days) have recently started to reduce their holdings, selling 827,783 BTC in the past 30 days. CryptoQuant analyst Axel Adler pointed out that at this stage, the average number of "retail interest" shrimp addresses (wallets holding less than 1 BTC) is 323,000. According to current market trends, this metric is expected to reach 351,000, an increase of about 8.67%.Axel Adler further analyzed that the growth of shrimp addresses began when Bitcoin reached $61,000, at which point this metric was approximately 265,000, representing a growth of 21.9% since that price level.

ChainCatcher news, according to Cointelegraph, CryptoQuant analyst Maartunn posted on social media that since November 8, long-term Bitcoin holders (wallets holding Bitcoin for at least 155 days) have sold 827,783 BTC, worth approximately $8.259 billion.Maartunn emphasized that during the same period, MicroStrategy purchased about 149,800 BTC, and spot Bitcoin ETFs saw inflows equivalent to 84,193 BTC.According to CryptoQuant's 30-day change chart for retail demand, Maartunn stated that despite strong selling pressure from long-term holders, Bitcoin remains strong as retail demand has also reached an "annual high."

ChainCatcher message, Bitfinex analysts indicate that the upward momentum of Bitcoin depends on how to balance the demand from short-term holders (STH) and the supply from long-term holders (LTH).Analysts state that the supply from STH has approached 3.28 million Bitcoins, a level historically associated with the peak regions of bull markets. This suggests that retail interest is rising. However, the increase in profit-taking by long-term holders puts pressure on Bitcoin's upward momentum, potentially hindering further price increases. Over the past two weeks, the supply entering the Bitcoin market from the LTH group has remained stable, and the lack of spot demand to absorb this supply may lead to further price declines.In simple terms, Bitfinex analysts believe that only if the buying power of short-term holders further absorbs the selling pressure from long-term holders can the price continue to rise.

ChainCatcher news, Glassnode analysis indicates that the profits realized daily by long-term holders have reached as high as $2.02 billion, setting a new all-time high, surpassing the record from March. The market requires strong demand to fully absorb this excess supply, which may necessitate a re-accumulation phase to fully digest.Since the supply of long-term holders peaked in September, this group has distributed approximately 507,000 bitcoins. Although this is a considerable amount, it is still relatively small compared to the 934,000 bitcoins distributed during the historical high in March 2024. An assessment of the composition of the sell-off sources reveals that most of the selling pressure seems to come from coins held for 6 months to 1 year, indicating that further selling from longer-term holders is still possible, as they may require higher prices to be willing to sell their bitcoins.

ChainCatcher news, according to CryptoQuant data, long-term holders have sold 728,000 bitcoins in the past 30 days, reaching a new high since April of this year.

ChainCatcher message, according to data disclosed by Glassnode, as the price of Bitcoin rises, the 14 million BTC held by long-term holders have all entered a profit state, which has triggered an acceleration of selling activity, resulting in a decline of over 200,000 BTC in non-small balances since the historical high was breached.Long-term holders began to take profits when prices were strong and demand was sufficient to absorb, during which ETFs played a key role in absorbing over 90% of the selling pressure from long-term holders. However, as unrealized profits reach more extreme levels, it is expected that more long-term holders will accelerate their selling, and in the short term, this selling has already exceeded the inflow of ETFs.However, since a large amount of Bitcoin is still held by long-term holders, many of them may be waiting for higher prices before releasing more Bitcoin back into the circulating market.

ChainCatcher news, according to Cointelegraph, Bloomberg's senior ETF analyst Eric Balchunas stated that the decline in Bitcoin prices is not due to institutions or exchange-traded funds (ETFs), as the data points to long-term holders, also known as hodlers.The analyst wrote: "I see a lot of CT feeling confused/frustrated about why Saylor can buy $5 billion worth of BTC, but the price doesn't go up------this is similar to what I sometimes hear about ETFs after a large influx of funds. The data proves what I've been saying for a long time: this call is coming from within, it's the long-term holders."Onchain data shows that ETF flows are not the main reason for Bitcoin selling pressure. These ETFs have absorbed a significant amount of selling pressure from long-term holders, cryptocurrency trader and technical analyst Kyle du Plessis wrote: "Long-term Bitcoin holders sold $128,000 worth of BTC, but the U.S. spot ETF absorbed 90% of the selling pressure. Strong institutional demand has driven BTC higher, bringing it closer to the $100,000 milestone."

ChainCatcher message, the latest research from the crypto data analysis platform CryptoQuant shows that since the end of May, the number of short-term Bitcoin holders (those holding for no more than 155 days) has been continuously declining, indicating that demand is weakening. CryptoQuant's research director Julio Moreno pointed out that this phenomenon suggests that Bitcoin demand remains weak. In contrast, long-term holders seem to be accumulating opportunistically. Moreno added that if Bitcoin demand grows again, this dynamic could reverse, leading short-term holders to buy from long-term holders.CryptoQuant contributor IT Tech believes that this dynamic could lead to mid-term price appreciation and market stability. The increase in accumulation by long-term holders may stabilize prices and prepare the market for a potential rebound, while the selling by short-term holders could exert downward pressure on Bitcoin prices in the short term. IT Tech stated that the data shows a clear flow of funds from the weak group (short-term holders) to the strong group (long-term holders), indicating market stability.

ChainCatcher news, long-term holders of Bitcoin increased their holdings by 262,000 BTC in August, bringing their total holdings to 14.82 million BTC, which accounts for 75% of the total supply."Top holders" are also staying low-key, with 7 out of the top 10 anonymous Bitcoin wallets having been inactive for over two years, holding 237,816 BTC (worth $14.04 billion), which represents 1.2% of the circulating supply.

ChainCatcher message, CryptoQuant posted on X that in the past 30 days, the supply held by long-term holders has increased by 262,000 BTC, and this group now holds 14.82 million BTC, accounting for 75% of the total supply.

ChainCatcher news, CryptoQuant analyst Amr Taha stated: "The realized market value of long-term holders has exceeded $10 billion for the first time." This means that this group has spent a total of $10 billion to purchase BTC, with this metric considering the last sale price of each BTC. Crypto analysis firm Bitbo noted that the realized market value "is often compared to the regular market value to understand the overall market sentiment."It is reported that long-term holders refer to addresses that have held coins for more than 155 days. Taha explained that once the holding period exceeds 155 days, these holders "are much less likely to sell, which means they are less likely to sell their positions during short-term market fluctuations."

ChainCatcher news, Bitwise Chief Information Officer Matt Hougan stated on social media that after reviewing the 13-F filings submitted by various institutions in recent days, he made some preliminary summaries based on the second quarter Bitcoin ETF holdings, including:Institutions are still increasing their holdings, and the trend continues: In Q2, 10 Bitcoin spot ETFs had a total of 1,924 institutional holders, up from 1,479 in Q1, representing an increase of about 30%. Considering that Bitcoin experienced a decline in Q2, this result is already quite impressive.Most institutional investors are diamond hands: The majority of institutional investors who allocated in Q1 held or purchased more positions in Q2. Among the filers in Q1, 44% of institutions increased their holdings in Bitcoin ETFs in Q2, 22% remained unchanged, 21% reduced their positions, and 13% exited completely.Hedge funds remain major holders: Most of the top holders of ETFs are mainstream hedge funds, including Millennium, Schonfeld, Boothbay, Capula, and others. However, there are also a significant number of advisors, family offices, and select institutional investors. Over time, we hope to see an increasing share from wealth management firms and pension funds.

ChainCatcher news, as reported by Bitcoin Magazine, during the recent market downturn, long-term Bitcoin holders bought over 184,500 BTC, worth $11.1 billion.

ChainCatcher message, Bitfinex Alpha's latest report indicates that the supply of long-term Bitcoin holders has stabilized at 14.8 million BTC from 16.2 million BTC in January, suggesting a reduction in selling pressure. The supply of short-term holders has significantly increased since January, stabilizing around 4.8 million BTC, mainly due to new investors entering the market through ETFs and buying on dips during price corrections. The current price decline has left over 2.8 million Bitcoin short-term holders facing unrealized net losses; despite the bearish trend and supply pressure from Mt. Gox creditors, the market may be approaching a balance point.The upward trend over the weekend suggests a potential recovery in the short term, but the market remains sensitive to news and external influences. Monitoring the asset management of short-term holders and the market's reaction early this week is crucial for determining the short-term direction of Bitcoin prices. Additionally, the sell-off of Bitcoin in Germany seems to have ended, and the U.S. Securities and Exchange Commission (SEC) has also concluded its investigations into Hiro Systems and Paxful. However, U.S. lawmakers' attempts to overturn President Biden's veto of the SEC Staff Accounting Bulletin (SAB) 121 were unsuccessful. SAB 121 requires banks to classify cryptocurrencies as liabilities, effectively prohibiting them from providing digital asset custody services.

ChainCatcher message, CryptoQuant analysts stated: "Bitcoin whales have been increasing their holdings at a monthly growth rate of 6.3%, the fastest pace since April 2023, indicating a rising demand for Bitcoin."CryptoQuant reports that due to the ongoing growth of stablecoin liquidity not fully unfolding, Bitcoin prices may take longer to bottom out and start a new upward trend.

ChainCatcher news, IntoTheBlock released the Q2 market report, showing that BTC and ETH fell by 12.8% and 3.1% respectively.The number of BTC held by long-term investors has decreased, with holders' balances dropping by 160,000 BTC (approximately $1 billion) in May and by 40,000 BTC in June.Since June, Bitcoin miners have sold over 30,000 BTC (approximately $2 billion). Currently, 78% of ETH is held by long-term holders. L2 transaction volume has grown fourfold, with the top three L2 networks (Arbitrum, Base, and Optimism) seeing their transaction volume quadruple over the year.