Analyst: The rise in Bitcoin has slightly boosted the activity of long-term holders, while 2026 remains overall relatively calm

CryptoQuant analyst Darkfost stated that this cycle may be the one with the most activity from long-term holders (LTH) of Bitcoin. He observed related changes through the CDD (Coin Days Destroyed) heatmap, which tracks the number of days BTC is held before being spent or transferred; the transfer of BTC by long-term holders is usually associated with selling intentions.

The increase in LTH activity during this cycle may benefit from the market liquidity brought by spot ETFs and companies establishing Bitcoin treasury reserves. However, the rise in CDD is not only seen at market tops; it may also reflect the capitulation behavior of some holders.

He added that Coinbase previously transferred 800,000 BTC, a large portion of which had been held for over 6 months. Such asset migrations can also cause a temporary rise in CDD, but they are considered incidental events. Currently, with Bitcoin's recent rise, LTH activity has slightly increased, possibly because some holders wish to realize quick profits; however, overall, related activities are still relatively calm for 2026, and long-term holders are still waiting.