Long-term holders began to purchase bitcoins again
Date: 2024-05-29 Author: Henry Casey Categories: BUSINESS
Activation of long-term holders
According to the latest report from analytics company Glassnode, long-term Bitcoin (BTC) holders are starting to accumulate digital assets again. This phenomenon has been observed for the first time since December 2023. Over the past few months, these investors have been actively selling their coins, apparently taking profits.
BTC rate consolidation
Glassnode analysts note that the BTC rate, having reached a record high, continues to consolidate. The report said: “Long-term holders are gradually beginning to repurchase assets,” indicating that selling pressure is easing. This, in turn, may lead to an increase in the quotes of the leading cryptocurrency.
Accumulation patterns and volatility
Experts emphasize that investors are returning to savings models. This indicates that market volatility is needed to stimulate a new wave of growth or sell-off. Analysts believe that the current behavior of long-term holders indicates the possible start of a new bull cycle.
Growing demand against the backdrop of market indicators
The Glassnode report mentions several market indicators that signal increased demand from buyers. Analysts recall that last week the average inflow into US spot ETFs was $242 million. “Given the daily selling pressure from miners after the halving of $32 million per day, the ETF buying pressure is almost 8 times greater,” the report notes. which emphasizes the scale of influence of these products on the market.
Current situation in the Bitcoin market
Despite recent positive trends, Bitcoin price action over the past three months has been more subdued compared to previous bull cycles. On May 29, 2024, the price of Bitcoin decreased by 1.02% per day and amounted to $67,810. The market capitalization of the main cryptocurrency reached $1.33 trillion. Daily trading volumes on the spot market decreased to $28.49 billion, and the level of dominance over altcoins stopped at 52.7%.
The analysis shows that long-term Bitcoin holders are starting to accumulate assets again, which could signal the start of a new price rise. With selling pressure easing and buying demand increasing, the Bitcoin market can expect another wave of positive changes.
