ChainCatcher news, according to Glassnode data, the Bitcoin Long-Term to Short-Term Holder Supply Ratio (LTH/STH Supply Ratio) has dropped to 3.78, hitting a new low for this cycle. This metric reflects the dominance of Bitcoin supply held by long-term holders compared 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-term to short-term holder supply ratio indicates that more investors prefer short-term trading over long-term holding.

Glassnode analysis suggests that this trend is different from the characteristics of historical market tops; in past analyses, even during periods of declining long-term holdings, Bitcoin prices could still continue to rise.