According to CoinMeta, as monitored by analyst Darkfost, this cycle could be the most active one for long-term Bitcoin holders. Relevant changes can be observed through the CDD heat map, which tracks the number of days a Bitcoin is held before it is spent or transferred. Transfers by long-term holders are usually associated with intentions to sell. The increased activity among long-term holders in this cycle may be due to spot ETF and companies establishing Bitcoin reserves, which have brought more market liquidity. However, the rise in CDD does not only occur at market peaks; it may also reflect a surrendering behavior among some holders. Coinbase previously transferred 800,000 Bitcoins, of which a large portion had been held for over 6 months. Such asset migrations can also cause a short-term increase in CDD, but these are considered sporadic events. Currently, with the recent rise in Bitcoin prices, there has been a slight increase in activity among long-term holders. Although some may wish to profit quickly, overall, related activities in 2026 remain relatively calm, and long-term holders are still waiting.