[CryptoQuant: Bull Market Still in its Early Stages, Signals of Long-Term BTC Holder Ratio Yet to Emerge] According to a recent QuickTake commentary by CryptoQuant, author crypto-dan stated that historically, the percentage of BTC held for over 18 months has initially risen and then fallen, often accompanied by a strong upward trend. The article argues that while the market has entered a bull market cycle, it is still in its early stages, and the aforementioned signals have not yet appeared; the market is not yet overheated, and the real upward trend may not have even begun.