#Gate广场四月发帖挑战 CryptoQuant analyst Darkfost points out that although geopolitical tensions and macro uncertainties continue to pressure risk assets, the market's "holding-oriented" behavior is rebounding. On-chain data shows that the supply of BTC held by long-term holders (LTH) is gradually increasing, indicating that the current amount of BTC entering the LTH category has exceeded the amount sold by LTH. It is important to note that this indicator is based on UTXO statistics and does not necessarily mean that LTHs are actively adding to their positions; rather, some UTXOs formed about six months ago and not spent are naturally transitioning from short-term holders (STH) to LTHs.

In terms of data, this indicator briefly dropped to about -674k BTC (30-day moving average) at the end of November, and has now returned to the positive zone, with an average of about +308k BTC entering LTH supply. Historically, such shifts have often preceded price improvements, but the report also emphasizes that similar reversals can occur during bear markets, and continued observation of its sustainability is necessary.