Bitcoin continues to climb, but is this surge sustainable? Long-term holders are driving the price up while new investor inflows remain weak. Data suggests a maturing rally marked by rising Coin Days Destroyed (CDD) and a decreasing Stock-to-Flow Ratio. This shift in holder demographics indicates less emphasis on fresh capital, raising questions about Bitcoin’s long-term potential. While recent highs might be driven by internal shifts among existing holders, the falling S2F ratio, declining investor inflows, and increased CDD suggest this is an aging rally. Short squeeze clusters between $107K and $113K offer a near-term opportunity but long-term stability hinges on renewed interest from fresh capital entering the market.