[Analyst: Bitcoin Short-Term Holder Ratio Drops to 23%, a Multi-Year Low; Long-Term Holder Ratio Rises to 52%] CryptoQuant analyst Axel Adler Jr. stated that the proportion of Bitcoin short-term holders in realized market value has dropped to 23.5%, marking a multi-year low, with historical levels falling below this figure only 4% of the time. Meanwhile, the proportion of long-term holders has risen to 52.5%, approaching the historical peak of 55% seen in 2018. Three months ago, these figures were 40% and 42%, respectively, indicating a shift from short-term speculators to long-term holders. The analyst pointed out that the decline in the short-term holder ratio suggests a weakening turnover rate among speculators and limited inflow of new capital, while the rise in the long-term holder ratio indicates that the asset is aging and remaining dormant, with supply consolidating into stronger hands. However, this structure alone does not constitute a buy signal—if demand fails to return, low activity levels may persist, and prices could continue to decline, resembling the bottom range seen in late 2022 to early 2023.