Analyst: Bitcoin market structure achieves a "healthy reset," upward trend may receive further support

ChainCatcher news, CryptoQuant analyst Axel Adler Jr posted on X platform that since March, Bitcoin long-term holders (LTH) have realized a price increase faster than spot, forming a healthy bullish divergence. The chips bought at high prices in spring and summer are maturing and entering the LTH group, with their higher cost basis pushing up the realized price for LTH, thereby compressing the profit multiples and reducing risk without a price drop.

This process means that old low-cost chips are gradually being digested, and new high-cost chips are joining, allowing the market to achieve a "healthy reset." As short-term holder demand absorbs the selling pressure from long-term chips, the cycle is expected to extend, and the upward price trend may receive further support.