Long-term holders (LTH) net position hits a new all-time high! As of June 17, LTH net holdings reached 14.96 million BTC, 200k more than the previous peak on March 27. This marks the second time LTH net holdings have hit a new high since bitcoin:native entered the bear market. This clearly shows that more and more BTC is unwilling to participate in short-term speculation and turnover. 75% of the total circulating supply is now in the hands of LTHs. Historically, there’s been a pattern: every bear market bottom appears after LTH net holdings start to rise again. In other words, “holdings rise first,” then “the bottom forms.” I think the logic here doesn’t need much explanation—most of you can probably figure it out. In the last cycle, LTH net holdings hit new highs three times, which corresponded to three major distribution events (Fed signaling rate hikes, the Luna collapse, and the FTX bankruptcy). In this cycle, we’re currently at the second new high. While the saying “third time’s the charm” might sound a bit superstitious, there’s one detail worth paying attention to: In my opinion, the number of times we hit a new high isn’t what matters. What’s key is whether the scale of LTH distribution shows a clear trend of decreasing step by step. For example, if this time’s distribution is smaller than the last, it indicates that selling pressure is gradually drying up. The true bear market bottom may already be forming—or it’s not far off.