According to CoinMeta, based on the monitoring of an early issuer of in, analyst Axel Adler Jr stated that the proportion of short-term Bitcoin holders in the realized market value has dropped to 23.5%, which is a multi-year low. The proportion of long-term holders has risen to 52.5%, approaching the historical peak of 55% in 2018. Three months ago, the proportion of short-term holders was 40%, and that of long-term holders was 42%. He pointed out that the decline in the proportion of short-term holders reflects a weakening of speculative turnover, while the increase in long-term holders indicates that the coin is aging and remaining dormant, with supply accumulating among the more seasoned investors. At the same time, he noted that if demand does not return, this low level of activity may continue, and prices could continue to fall.