ChainCatcher message, CryptoQuant analyst Yonsei_dent revealed the dynamics of the Bitcoin market through the Spent Output Age Bands (SOAB) indicator. This indicator categorizes by investor holding period, providing insights into Bitcoin consumption. In the bull market of November and December 2024, long-term holders (LTHs) realized significant profits, with some investors choosing to sell Bitcoin to lock in gains.

Investors with a holding period of 6 to 12 months were particularly active in selling, primarily purchasing when the Bitcoin spot ETF was launched in early 2024. This selling activity could exert downward pressure on prices, but strong demand will still keep Bitcoin between $90,000 and $100,000.

In contrast, investors holding for over a year sold very little Bitcoin during this period, demonstrating steadfast confidence in the market.