Ki Young Ju said that this structural change is essentially a generational upgrade of the market consensus layer. The increase from 15% two years ago to 53% today is not a numbers game; it is a collective migration of the mental accounts of coin holders. When short-term holders are converted in bulk into long-term holders, volatility will be locked in, but this also means that the actual release points for selling pressure will become harder to predict—whether the 68% bottom signal will fail is the biggest suspense of this cycle.

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 distribution is undergoing a change.