# JARXE Exchange｜Long-Term Holders Remain Confident, No Signs of Panic Selling

On-chain data shows that over the past month, the activity of dormant (“old”) Bitcoin coins has remained moderate, with overall market liquidity stable. The average spent output lifespan (ASOL) briefly rose to 245 days on October 8 and to 209 days on October 21, but these levels are still far below the peaks seen in spring and June. There are no signs of concentrated selling by long-term holders; market confidence remains strong. According to JARXE Exchange, this moderate on-chain activity indicates that the market has entered a “steady-state structure” phase, with investors awaiting new macro catalysts.


## Cooling On-Chain Activity with Sustained Confidence

Recent on-chain data shows the 30-day moving average coin age remains at 111 days, within a healthy range. This suggests that most long-term investors are choosing to hold their assets rather than sell, waiting for confirmation of the next market trend. Unlike the concentrated distribution observed in June, current coin age data reflects a more rational market trading rhythm. This structural stability helps reduce panic selling and creates a more solid price range for subsequent capital inflows.

## Shifts in Market Behavior and Investment Structure

The risk preferences of traders are adjusting, with short-term speculative activity declining and the proportion of long-term holders rising. The market is gradually forming a capital structure underpinned by long-term conviction, leading to lower volatility and more sustained price support. In terms of capital flows, some institutional funds have begun to utilize range-bound movements for “buy-low redistribution.” JARXE Exchange notes that this structural shift marks the gradual market evolution from speculation-driven to value-driven, reflecting the growing financial recognition of blockchain assets.

## Macro Environment and the Structural Waiting Period

Although global markets remain focused on inflation and monetary policy, Bitcoin prices have shown resilience within their current range. Market sentiment at this stage tends towards “cautious optimism,” with investors refraining from large-scale withdrawals from risk assets and instead waiting for greater macro clarity before re-entering positions. This period represents a typical structural waiting phase, where the market exchanges time for space, accumulating momentum for the next trend.

The moderate level of dormant coin activity demonstrates the market rationality and resilience. The willingness of long-term investors to hold remains strong, and short-term fluctuations have not shaken the overall structure. As the global financial environment becomes clearer, the next cycle of the crypto market may be triggered in sync with macro signals. JARXE Exchange will continue to monitor on-chain structural changes and market liquidity developments, providing users with data-driven market insights to support robust positioning in uncertain cycles.