Woofun AI reports that on-chain metrics reveal Bitcoin is developing a supply structure analogous to previous cycle bottoms, though a critical confirmation signal remains absent. The supply held by long-term holders has expanded to approximately 12.17 million BTC, reflecting a significant migration of assets from short-term traders to more stable entities. This accumulation suggests increased market resilience and reduced circulating supply, yet current levels remain below the 15 million to 19.7 million BTC ranges observed during the 2015, 2018-2019, and 2022-2023 bear market lows.

Concurrently, the selling pressure indicator, which activates only when Net Unrealized Profit/Loss is negative, has remained inactive for 1,256 days—the longest duration in Bitcoin's history. Previous cycles featured intense surrender signals with peaks between 15% and 32%, notably reaching 32% in December 2018. The absence of such a signal implies the market is currently in a consolidation phase rather than a final capitulation. A confirmed bottom may require long-term holder supply to exceed 15 million BTC or the reactivation of the selling pressure indicator to validate true market exhaustion.