PANews reported on July 4 that according to CoinDesk, Glassnode data showed that despite the recent profit-taking by long-term Bitcoin holders (LTHs, holding coins ≥ 155 days), more macro on-chain indicators showed that the proportion of Bitcoin that has not been moved for at least three years remains at 45%, which is the same as the level in February 2024 (one month after the launch of the US Bitcoin ETF); the proportion that has not been moved for at least five years has remained stable at 30% and has not fluctuated since May 2024.

CoinDesk Research analysis pointed out that although it is normal for some long-term holders to cash out when prices rise, the overall holding behavior of the core holding group (holding coins for more than 3-5 years) has not changed significantly in the past year, suggesting that most people are still waiting for higher prices. It is worth noting that the current 45% three-year illiquidity ratio is the same as in July 2022 (when Bitcoin was at a low of $20,000), reflecting the firm belief of long-term holders.