Bitcoin’s price is barely moving, but the composition of its holder base is undergoing a quiet transformation that could define how the current cycle plays out. In the on-chain update shared by CryptoQuant CEO Ki Young Ju, one metric stands out: the 6-month to 2-year cohort now controls 53% of Bitcoin’s realized cap. Two years ago, that figure was just 15%. The shift is not subtle—it’s a structural rebalancing that puts a lot more of the market’s cost basis in the hands of buyers who have weathered months of chop and held.