After dropping 40% from the October peak, many people have judged that this bull market has come to an end. But on-chain data reveals a different story.

Long-term holders (commonly known as "diamond hands") have finally stopped selling. This is the first time since July this year. In the past 30 days, the supply held by these large holders has increased by over 10,000 coins, shifting towards net accumulation. It sounds subtle, but the logical chain behind it is quite solid:

The biggest source of selling pressure for the year is waning. Bitcoin reserves on exchanges have fallen to a low of 2.75 million coins. Meanwhile, institutional investors have been aggressively building positions in Q4, accumulating 42,000 coins in just a few months. Historically, when long-term holders shift from selling to accumulating, it often signals the end of a correction phase and the prelude to a new wave of price increases.

Currently, the price fluctuates around $87,131 (as of December 30). With supply tightening, as long as there are signs of a market rebound—such as accelerated inflows into spot ETFs or continued institutional buying—retesting the $100,000 to $110,000 range in the short term is quite possible.

The weak hands have exited, and the strong hands are positioning themselves. Don't rush to clear your holdings; the true breakout may still be ahead in 2026.