The ratio of Bitcoin holdings between long-term holders (LTH) and short-term holders (STH) has reached a 30-month high, according to data from CryptoQuant cited by crypto market analyst gaah. According to ChainCatcher, the metric measures the distribution of Bitcoin supply between the two groups.
Analysis indicates that extreme highs in this ratio typically occur during re-accumulation phases rather than market tops. Historically, bull market peaks have emerged when the ratio begins to decline from its high, not when it sets new records. Currently, with Bitcoin's price still about 50% below its previous all-time high, long-term holders continue to absorb circulating supply.