Analysis: Bitcoin long-term holders reach cyclical lows, selling pressure eases

According to CoinDesk, the supply of long-term Bitcoin holders fell to 14.33 million in November, the lowest level since March, coinciding with Bitcoin's pullback low of $80,000.

Currently, the price of Bitcoin has rebounded to $90,000, up about 15% from the low. Data shows that after experiencing a 36% peak-to-trough pullback, most of the selling pressure driven by the spot market has dissipated.

In previous cycles, the supply of long-term holders typically saw a sharp decline during the retail-driven frenzy phase that accompanied cycle peaks, especially in 2017 and 2021. However, the long-term market behavior in this cycle shows a more cautious distribution rather than an explosive crash, indicating that both market structure and holder behavior have changed, and on-chain behavioral changes have also broken the traditional four-year cycle structure.