According to Deep Tide TechFlow news and Glassnode data, the Bitcoin Long-Term Holder/Short-Term Holder Supply Ratio (LTH/STH Supply Ratio) has dropped to 3.78, marking a new low for this cycle. This indicator reflects the dominance of Bitcoin supply held by long-term holders relative to short-term holders. Over the past 30 days, the distribution of holdings has accelerated, and HODLing is no longer the mainstream behavior in the market. The decline in the Long/Short Holder Supply Ratio indicates that more investors are inclined towards short-term trading rather than long-term holding.
Glassnode analysis suggests that this trend is different from the characteristics of market tops in history; in previous analyses, even during periods of declining long-term holding, the price of Bitcoin could still continue to rise.
