Analyst: The Bitcoin market structure has achieved a "healthy reset," and the upward trend may receive further support.

On September 19, CryptoQuant analyst Axel Adler Jr posted on the X platform, stating that since March, Bitcoin long-term holders (LTH) have realized a price rise faster than the spot market, forming a healthy bullish divergence. The chips bought at high prices in spring and summer are maturing and entering the LTH group, and their higher cost basis is pushing up the realized price of LTH, thereby compressing profit multiples and reducing risk without a price fall. This process means that the old low-cost chips are gradually being digested, and new high-cost chips are joining, resulting in a "healthy reset" in the market. As short-term holder demand absorbs the long-term chip sell pressure, the cycle is expected to extend, and the upward price trend may receive further support.