CoinEx News: Glassnode data showed Bitcoin’s late-2025 cycle peak was marked by long-term holder distribution. Active supply, meaning coins that recently moved on-chain, rose to 37% of circulating BTC in Q4 2025, showing supply moving from older holders to newer market participants. Separately, during the Q1 2026 correction, total crypto market capitalization excluding stablecoins fell about 18%, while stablecoin supply rose from $308 billion to $318 billion. That points to risk reduction inside crypto rather than a full exit from the market. For BTC traders, the key signal is whether this stablecoin liquidity stays parked or rotates back into major assets.