## On-Chain Data Reveals Major Changes in Holder Structure, Increasing BTC Market Risks

Recent on-chain Bitcoin data has shown significant changes. According to CoinMarketCap statistics, since October, over 400,000 BTC have transferred from seasoned holders to newly created addresses, reaching a new cycle high. Meanwhile, Bitcoin exchange inflows remain high, with the current price fluctuating around $90.51K, after touching $85,000 earlier this month, reflecting a clear instability in market sentiment.

**Risks Behind the Market Structure Shift**

Renowned economist Peter Schiff pointed out that this change in holder composition implies deep market fragility. The transfer of wealth from experienced investors (commonly called "hodlers") to novice investors suggests that market control is gradually shifting from seasoned participants to a more emotion-driven crowd. This transition's dangers are not only in increased supply liquidity but also in the significantly accelerated spread and intensity of panic sentiment.

CryptoQuant’s on-chain indicator data further supports this assessment. Since large-scale transfers occurred, Bitcoin inflows to major exchanges have remained high, indicating persistent selling pressure from large holders. Supply distribution charts segmented by wallet age show that the proportion of BTC held by younger wallets (new addresses) is rapidly increasing.

**Historical Patterns and Current Warnings**

Looking at historical cycles in the crypto market, the current holder transition follows typical late-cycle characteristics: early participants begin systematic profit-taking and transfer their holdings to later entrants. Peter Schiff warns that if these new investors experience losses and rush to exit, the market could undergo a deeper correction than previous bear markets.

It is worth noting that some analysts believe institutional funds have already partially absorbed selling pressure, which might buffer the negative impact of the structural shift to some extent. However, whether this buffer can be sustained remains to be seen.

**Indicators Traders Should Watch**

For participants, the focus should be on monitoring key support levels and on-chain indicator movements. Supply segmentation by address age, exchange net inflows, and whale wallet activity are all important references for assessing market risk levels. When the proportion of new holders rises rapidly, the probability of price dips and flash crashes increases. Peter Schiff’s warning provides valuable risk alerts for both long-term investors and short-term traders.