According to CryptoQuant analyst Darkfost, the Bitcoin market is currently entering an early stabilization phase, with long-term holding behavior gradually strengthening, indicating a potential shift in market structure.
Data shows that since October, the number of BTC held for over one year has increased from approximately 12 million to about 12.4 million. Although the growth remains moderate, it reflects a market behavior tilting towards long-term holding. Since mid-December, the 30-day change has consistently remained positive, suggesting investors are more inclined to continue holding rather than distributing their holdings.
Darkfost pointed out that this change typically signifies the market is gradually transitioning from a speculation-dominated phase to a phase with stronger long-term conviction. In historical cycles, the proportion of long-term holdings usually declines significantly at market peaks and gradually recovers during bear markets. Therefore, the current trend can be viewed as an early signal of market stabilization.
However, he also emphasized that this indicator reflects long-term dimensional changes, which usually require a considerable amount of time to form a clear trend, and the current situation is still in its early stages.