**Spot ETFs Influence on Bitcoin Holders and Market Stability**

Recent data indicates a significant shift in Bitcoin ownership dynamics following the introduction of Spot ETFs. Long-term holders are gradually transferring their positions to new owners, many of whom are former Grayscale investors seeking lower fees through Spot ETFs. These new holders, having crossed the 155-day threshold on-chain, are now classified as long-term investors.

While short-term price expectations were not met, the transition to long-term holding is psychologically significant. The short-term supply is decreasing, and long-term supply is on the rise. Historically, such transitions have led to sharp price movements, but the current integration of Spot ETFs and traditional financial instruments appears to be stabilizing Bitcoin's volatility.

This trend suggests Bitcoin is maturing as an asset, potentially leading to reduced price swings and increased institutional demand, signaling a positive outlook for the market.