[Analyst: Bitcoin Stock Holding Periods Continue to Lengthen, Herfindahl Index Hits New High Since December 2021] According to a report by Jinse Finance, CryptoQuant analyst Axel Adler Jr released a market analysis stating that as of July 21, the Herfindahl-Hirschman Index (HHI) value reached 1116.1. This figure is higher than 89.6% of historical observations over the past decade, marking a new peak since December 2021. Over the past 90 days, the index has risen by 5.5%, and over the past 180 days, it has increased by a total of 10.1%. The distribution uniformity of Bitcoin stock continues to decline, with holdings becoming increasingly concentrated in specific holding period groups. The core driving force behind the index's upward trend is the 6–12 month holding period group. Over the past 90 days, the proportion of holdings in the 6–12 month period increased from 12.9% to 19.3%, while the proportion in the 3–6 month period fell from 14.3% to 6.3%. Long-term holdings of over ten years account for 17.7% of the total supply. This change is essentially due to the natural aging of existing coins, with holdings transitioning from the 3–6 month period to the 6–12 month period, rather than a new wave of large-scale accumulation. Currently, 81.6% of Bitcoin's total supply has not been transferred for over six months, and 62.3% has remained idle for more than a year.