Despite these price fluctuations, Bitcoin's Long-Term Holders (LTH) are maintaining their holdings, indicating market strength.

Historically, LTHs have tended to distribute their holdings before price declines, but this cycle has shown a departure from that trend.

After reaching an all-time high in November 2024, Bitcoin's price experienced a 30% decline but rebounded to set a new all-time high in May 2025.

Currently, LTHs hold over 14 million Bitcoin, while Short-Term Holders (STHs) possess under 4 million, contrasting with previous cycles where STHs were more active during market peaks.

The current behavior of LTHs, along with market indicators, suggests that Bitcoin may not have reached its market cycle top yet.

Further analysis indicates that the market conditions do not signal a cycle top, as LTHs are not selling their holdings.

Additionally, the transfer of Bitcoin from the 3-6 month band to the 6-12 month band indicates that recent buyers are holding onto their assets, demonstrating a strong market conviction.

The Realized Cap HODL Wave indicator reveals that only 30% of market activity comes from holders with less than three months of Bitcoin ownership, which is significantly lower than levels observed at previous market tops.