CryptoQuant CEO: Bitcoin Bottom May Be Near as Short-Term Holders Mature

After a long stretch of sitting still, Strategy — the largest institutional bull in the room — finally moved, and the market did not enjoy it. Bitcoin ( $BTC ) slid from above $70,000 on the day the sale news broke down toward the $61,000 level as selling pressure piled on.

As the bleed continues, CryptoQuant CEO Ki Young Ju has offered a scenario he thinks could mark a bottom. Per his read on the data, short-term $BTC holders are quietly graduating into long-term investors.

Ki said on X that short-term investors who have held Bitcoin for less than 155 days are now behaving like long-term ones. Apparently patience is contagious in a bear market — or at least forced.

He noted that $BTC is trading at the same price level it sat at two years ago, while addresses holding Bitcoin for between six months and two years now control roughly 53% of the supply. Two years ago, that figure was closer to 15%. The coin still costs about the same; fewer people are willing to part with it. Math checks out.

Ki added that in past cycles, the retention rate for this cohort tended to bottom out once it hit around 68% of the supply. He also framed sales by Bitcoin OGs and former miners as little more than a handoff to institutional investors and ETFs — OGs taking profit, suits taking custody. Capitalism, etc.

Ultimately, Ki argues that what matters is who holds the bag. If today's holders can pull in more liquidity, the next rally is, in his view, always within reach — with institutional buyers potentially building a sturdier floor under asset value.

"I see the sale of Bitcoin OGs and former miners as a major handover process, shifting ownership to traditional American financial institution investors and ETFs. What matters for any asset is who holds it. If those holding it now are actors who could attract greater liquidity in the future, I think the next rally can always be replanned." *This is not investment advice.