Bitcoin is showing signs of stabilization after a brutal stretch, and research firm K33 says the on-chain evidence is difficult to ignore. In its latest market report, K33 Head of Research Vetle Lunde pointed to a record share of Bitcoin supply held by long-term holders — a metric that, historically, has preceded the end of every major bear market in Bitcoin’s history.

Long-term holders now control 79% of Bitcoin’s circulating supply, an all-time high that K33 says reflects a continued accumulation trend and a gradual shift toward a more constructive market environment. 

That figure carries weight not as a standalone data point, but as part of a broader pattern: in every…

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