CryptoQuant analyst Darkfost stated that the Bitcoin market is currently entering an early stabilization phase, with long-term holding behavior gradually increasing, indicating a potential shift in market structure. Data shows that since October, the number of BTC held for more than a year has increased from approximately 12 million to approximately 12.4 million. While the increase is still relatively modest, it reflects a shift in market behavior towards long-term holding. Since mid-December, the 30-day change has remained consistently positive, indicating that investors are more inclined to continue holding rather than distributing their holdings. Darkfost points out that this change typically signifies a transition from a speculative-driven phase to a phase of stronger long-term conviction. Historically, the proportion of long-term holdings usually declines significantly at market peaks and gradually recovers during bear markets; therefore, the current trend can be seen as an early sign of market stabilization. However, he also emphasizes that this indicator represents a long-term change and typically requires a considerable amount of time to form a clear trend; currently, it is still in its early stages.