New data from CryptoQuant reveals a more resilient Bitcoin market structure in 2025, defying the volatility of recent cycles. While price swings are occurring, this is a sign of growth rather than weakness, as investors shift away from centralized exchanges and into long-term cold storage, according to an analysis. Exchange reserves have been steadily decreasing since 2020, mirroring historical patterns of accumulating Bitcoin before market peaks. This contrast with the ‘sell-the-rumors’ approach seen in prior bull markets, where rising reserves preceded corrections. Further bolstering this argument is long-term holder metrics like the Spent Output Profit Ratio (SOPR), which remains remarkably stable despite recent price fluctuations. This signifies a shift from impulsive retail trading to more measured investment strategies, indicating a maturing market rather than one prone to quick bubbles.