CryptoQuant Founder Ki Young Ju stated that the current price of Bitcoin is similar to two years ago, but the on-chain structure has changed significantly. The group of buyers holding coins for 6 months to 2 years in this cycle now accounts for 53% of BTC's realized market value, up from 15% two years ago. He believes that in the previous cycle, Bitcoin bottomed out when this ratio rose to 68%. This indicates that short-term holders are gradually converting into long-term holders, and the market's chip structure is undergoing a transformation.

BTC-6.52%
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