Ki Young Ju this data is interesting—53% of the realized market value comes from holders who have held between 6 months and 2 years, up from just 15% two years ago. When this ratio reached 68% in the previous cycle, the market bottomed out. Now, short-term holders are gradually consolidating into long-term positions; the structure has indeed changed, it's not just a simple price repetition.

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 reached 68%. This indicates that short-term holders are gradually converting into long-term holders, and the market's chip structure is undergoing a transformation.