Recently, Bitcoin has completed another halving, sparking discussions in the market about whether the current cycle has ended. However, in the long run, the Bitcoin ecosystem is undergoing a profound turning point.

After the halving in 2024, the supply structure of Bitcoin has undergone significant changes. Notably, the number of Bitcoins held for over 10 years has increased at a rate that has surpassed the number of newly mined Bitcoins for the first time. Specifically, about 566 Bitcoins enter long-term holding status every day, while the newly added Bitcoins during the same period amount to only 450.

This phenomenon reveals the strong conviction of long-term Bitcoin holders. Despite the inevitable short-term fluctuations in the market, these investors remain highly optimistic about the future prospects of Bitcoin. They choose to lock in Bitcoin for the long term rather than frequently trading amid market volatility.

This change in the supply and demand structure may have a profound impact on the price trend of Bitcoin. As the number of circulating Bitcoins relatively decreases, market supply pressure may gradually ease. At the same time, if demand remains stable or increases, this change in supply and demand relationship may support the resilience of Bitcoin prices in the long term.

Therefore, although the price of Bitcoin may fluctuate due to the halving event in the short term, in the long run, this fundamental change in the Bitcoin ecosystem may signal a brighter future. Investors and market participants should closely monitor the ongoing development of this trend and its potential impact.