Odaily Planet Daily News Glassnode's analysis shows that Bitcoin has been in a sideways state since hitting an all-time high of $73,794 in March this year. By early May, demand momentum had turned negative, indicating a possible bearish trend. Cost basis analysis for short-term holders (STH) showed a large amount of capital outflow during this period. The report further highlights the role of long-term holders (LTH) in the market. Although this group only accounts for 4%-8% of daily on-chain transactions, its cumulative profits accounted for 30%-40% during the bull market. Researchers said this highlights that wealth is concentrated in Bitcoin with a longer coin age and gradually returns to diamond hands over time. In addition, data shows that the current market structure (spot prices are below cost basis levels) has historically led to deterioration in investor confidence. Glassnode's analysis also examined the behavior of LTH in different market stages. The study emphasized that the frequency of LTH high spending days increased during the excitement stage of the bull market, "which highlights the relatively consistent behavior pattern of long-term investors to profit during rapid price appreciation." (Bitcoin.com)