Ki Young Ju, CEO of CryptoQuant, wrote: "If you are selling Bitcoin now, you may not hold Bitcoin for more than three years, because veteran holders do not sell." Bull investors (holding for 6 months to 2 years) sold most of their BTC holdings when Bitcoin was near its last all-time high. Bear market investors (holding for 2 to 3 years) sell about 67% of their positions. Veteran investors with multiple cycles (holding for more than 3 years) show all-time highs in UTXO supply across all age bands. "