**Market Analysis: Transition of Bitcoin Holders Post-Spot ETFs Introduction**

Following the introduction of Spot ETFs, long-term Bitcoin holders are gradually shifting their positions to new owners through profit realization. Many of these new owners are former Grayscale investors transitioning to Spot ETFs for lower fees, indicating they are not entirely new market participants. This dynamic is crucial as these new holders are now transitioning into long-term investors, having crossed the 155-day threshold on-chain.

Despite unmet short-term price expectations, surpassing the first six months is psychologically significant, categorizing these investors as long-term holders. The chart indicates a decline in short-term supply and an increase in long-term supply.

Historically, this transition has been marked by sharper price movements. However, the impact of Spot ETFs and the integration of traditional financial instruments appear to be smoothing Bitcoin's volatility. This trend suggests Bitcoin is evolving into a more mature asset, leaving behind its youthful volatility.

In the future, Bitcoin could become more integrated with the global economy, exhibiting reduced price swings and greater stability, potentially attracting more institutional demand.