Introduction

As Bitcoin trades steadily above the $105K mark, many market participants anticipate pressure from long-term holders (LTHs) to induce significant volatility. My analysis of the Reserve Risk metric, however, indicates that long-term holder conviction remains robust, and there are no immediate signs of structural weakness or market exit. Reserve Risk continues to signal a strong foundational market stance, aligning closely with previous mid-cycle characteristics rather than end-cycle pressures.