Recently, looking at CryptoQuant's data, I found an interesting phenomenon. The number of people holding Bitcoin long-term is gradually increasing, from just over 12 million BTC at the end of last year to over 12.4 million now. Although the increase doesn't seem large, it reflects a shift in market sentiment.

More importantly, in recent months, investors have been continuously accumulating coins rather than rushing to sell. According to CryptoQuant's analysis, this usually indicates that speculative enthusiasm is cooling, and the market is gradually shifting from short-term hype to long-term optimism. Historically, such signs appear before every bear market ends.

Of course, CryptoQuant's analysts also remind that this is still an early signal, and more time is needed to confirm the trend. But if this direction continues, it suggests that the market structure may be undergoing a rebalancing.