Analysis: Long term holders of Bitcoin hold a record high position, indicating an early arrival of the bottom of the cycle Odaily Planet Daily News: Cory Klippsten, CEO of Swan Bitcoin, stated that the long-term holdings of Bitcoin have reached a historic high, which may mean that the bottom of this cryptocurrency market cycle will appear earlier than before. According to the on chain data platform Glassnode, the current long-term holders (holding for at least 155 days) have reached a record high of approximately 14.7 million bitcoins, indicating that senior investors continue to hold their coins and have strong market confidence. On chain data also shows that since November 2025, the supply of long-term holders has increased by about 14%, indicating that the market has re entered the accumulation stage after large-scale liquidation in the early stage. Cory Klippsten pointed out that this position level usually corresponds to the market's periodic bottom area in the historical cycle, reflecting the firm expectation of long-term funds for the future value of Bitcoin. He believes that this may mean that the bottom time of this cycle will be earlier than the historical average pace. However, this viewpoint is contrary to some market predictions. For example, Jiang Zhuo'er, founder of Lebit Mining Pool, believes that the bottom of the Bitcoin cycle may occur between October and December 2026 and may be influenced by the institutional net asset value (mNAV) cycle. In addition, market sentiment is also affected by the progress of US cryptocurrency regulation. Grayscale pointed out that there is still uncertainty about whether the CLARITY Act can be passed, and if the legislation is delayed, it may lead to continued deleveraging by institutions, thereby creating additional pressure on the price of Bitcoin.