Analysis: During the pullback, the proportion of long-term BTC holdings has risen significantly, with chips shifting from short-term traders to long-term holders.

BlockBeats News, September 8 — CryptoQuant analyst Darkfost stated that during the minor pullback following the breakout above $80,000, a positive on-chain signal emerged: the proportion of Bitcoin's native supply held by long-term holders (LTH, holding for over 6 months) has noticeably increased. The behavioral logic behind this is that a large number of coins bought during the pullback were not quickly flipped, but instead held continuously, naturally surpassing the 6-month threshold over time, thus transitioning from the short-term holder cohort into LTH. This phenomenon of "buying the dip and holding firmly rather than frequent trading" typically appears during bear markets or sharp decline phases, reflecting a decline in market participants' trading willingness and a preference for long-term holding.

Darkfost believes this shift carries positive significance, as Bitcoin held by LTH tends to be "heavier" and less liquid, making it less prone to easy selling. An increase in such holdings helps form a more solid support base at lower levels. While this is a positive change on a long-term basis, it is not a signal that can immediately reverse market trends; the bottom is slowly built over time. Currently, most market voices suggest that the bottom zone is gradually taking shape, and the migration of the coin supply structure itself is part of the bottom-building process.