According to CoinMeta, the on-chain structure of Bitcoin is beginning to resemble that at the bottom of the bear market in 2022-2023, but analysts point out that one important factor is still missing before a meaningful recovery can be achieved. On-chain analyst Axel Adler Jr indicates that Bitcoin is steadily shifting from speculators to long-term holders, reducing the supply of active transactions. However, demand has not yet returned in a meaningful way, which means that the current situation does not guarantee a bullish reversal. The latest analysis by Adler shows that the realized market value share of Bitcoin held by short-term holders (STH) has dropped to 23.5%, down from 27% a month ago and 40% three months ago. This is the lowest level since the market bottom in December 2022 to January 2023, and it is also below approximately 96% of Bitcoin's historical trading volume. Meanwhile, the share held by long-term holders (LTH) has climbed to 52.5%.