Short-term holders of Bitcoin now control around 40% of the network's wealth, down from nearly 50% earlier in 2025.Compared to previous cycles, the dominance of new investors in Bitcoin remains relatively low, indicating a more balanced market landscape.While short-term holders are holding back, larger Bitcoin holders, known as whales, have been accumulating significant amounts of BTC.Bitcoin's market liquidity is shrinking, with many market participants becoming more cautious, potentially leading to heightened price volatility.