Long-term Bitcoin holders have begun re-accumulating for the first time since December 2023 after months of selling, according to Glassnode data.
“Just shy of all-time highs, Bitcoin continues to consolidate as long-term holders begin to re-accumulate the coin for the first time since December 2023,” according to a report from the market intelligence firm today.
Analysts noted a significant cooling in spending pressure from long-term holders last week as investors returned to accumulation patterns. This suggests that volatility is needed to trigger a new selloff.
The report also identified market indicators that suggest a recovery in buy-side demand. Glassnode explained this by saying that last week its US-based spot Bitcoin ETF experienced net inflows of $242 million per day. “Considering the natural daily selling pressure from miners following the $32 million per day halving, ETF buying pressure is almost eight times greater, highlighting the scale and scale of the ETF impact,” the analyst added.
A more relaxed bull cycle
In particular, Glassnode observed that Bitcoin price action over the past three months has been quieter than previous bull cycles. According to Glassnode, over the past three months, Bitcoin has recorded gains of more than 3.3%, 7.4%, and 25.6% on a weekly, monthly, and quarterly basis, respectively, in only five of the last 90 days.
“In previous cycles, this period ranged from 18 to 26 days, suggesting that the current market may be somewhat more measured compared to past bull markets,” the analysts added.
Bitcoin BTC
-1.36%
According to , the price of is down 0.71% over the last 24 hours and trading at $67,610 at 5:39 AM ET. The Block’s pricing page.
The GM 30 Index, which represents the top 30 cryptocurrencies, rose 0.55% to 144.92 during the same period.
Bitcoin is down 0.71% in the last 24 hours. Image: Block.
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