Definition of a Bull Market Playing Out As Long-Term Holders Offload Coins, According to CryptoQuant CEO

CryptoQuant CEO Ki Young Ju says that Bitcoin ( BTC ) is currently displaying classic bull market behavior on-chain.

Ki tells his 400,500 followers on the social media platform X that short-term BTC holders are entering the market, scooping up long-term holders’ coins.

Short-term BTC holders are investors who have held their coins for less than 155 days while long-term holders are those who have kept their coins inactive for 155 days or more.

According to the chief executive of the analytics firm, the transfer of BTC from long-term to short-term holders is something typically seen in previous bull markets.

“Trump promoted Bitcoin globally.

Short-term holders keep entering, while long-term holders are offloading.

If you know, you know – this is the definition of a bull market.”

Source: Ki Young Ju/X

Citing CryptoQuant data, Ki also says that larger BTC investors with at least one whole coin are gobbling up Bitcoin while smaller entities with less than a coin are offloading.

“Bitcoin retail investors with <1 BTC are selling, while the others with 1 [or more] BTC are buying.”

Source: Ki Young Ju/X

Ki says it’s possible that with President Trump’s “global promotional impact,” the bull run could be extended by “another couple of quarters” longer than usual, perhaps into 2026.

“Typical BTC distribution:
Whales —-> Retail Investors

This cycle:
Retail Investors (OG) + Whales (OG) —-> Retail Investors (Paper Bitcoins) + Whales (Institutions)
———-

OGs leave footprints through on-chain activity and crypto exchanges, while paper Bitcoin (ETFs, corporate stocks) leaves custody wallet on-chain footprints at settlement.

———-
Final phase of distribution:
Retail Investors (OG) + Whales (OG) + Whales (Institutions) —-> Retail Investors (Paper Bitcoins)
———-

I expect this won’t happen until at least mid-year. It might even extend into next year.”

At time of writing, Bitcoin is worth $98,847.

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