The change in the proportion of long - term and short - term speculators in the cryptocurrency market's investor structure impacts the market price trend. If the proportion of long - term investors increases, they tend to hold assets based on long - term fundamentals, leading to a more stable upward price trend as they are less affected by short - term market noise. In contrast, a higher proportion of short - term speculators may lead to more volatile price trends as they quickly buy and sell based on short - term price movements and market sentiment.