According to Glassnode data, the BTC long-term holder/short-term holder supply ratio (LTH/STH Supply Ratio) has dropped to 3.78, reaching a new low in this cycle. This indicator reflects the dominant position of long-term holders in the BTC supply compared to short-term holders. Over the past 30 days, the distribution of holdings has accelerated, and HODL is no longer the mainstream behavior in the market. The decrease in the long-term holder/short-term holder supply ratio indicates that more investors prefer short-term trading rather than long-term holding.
Glassnode analysis suggests that this trend is different from historical market tops, as previous analysis indicates that BTC price may continue to rise even during extended periods of holding decline.
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