Bitcoin's recent surge to new record highs has brought the cryptocurrency to the forefront of the financial world. An analysis of underlying market trends reveals that short-term holders are increasing their positions while long-term veterans are selling parts of their holdings. This shift in holder behavior coincides with Bitcoin's rise in price. Additionally, institutional players such as MicroStrategy and Bitcoin ETFs continue to buy Bitcoin, demonstrating confidence in its long-term value. Currently, Bitcoin is entering a correction phase with increased market volatility and a redistribution of coins from long-term to short-term investors. Observing the shift between short- and long-term holder activity will be crucial to understanding the future phases of Bitcoin's cycle.



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