最新报道:Bitcoin's current market dynamics reveal an unusual on-chain imbalance, with long-term holders accumulating while short-term holders distribute coins. Glassnode data shows long-term holders now control over 75% of circulating supply, nearing all-time highs, while short-term holder supply drops to multi-year lows. This divergence suggests a potential supply squeeze, as fewer coins are available for trading despite price fluctuations. The imbalance indicates strong conviction among long-term investors, who continue accumulating even during price stagnation. Historically, such periods of supply tightness have preceded significant price movements, though the exact timing remains uncertain. The market now faces a standoff between patient capital and short-term traders.