glass node btc&category=&ema=0&m=supply.LthNetChange&mAvg=0&mMedian=0&s=1707904914&u=1715677314&zoom=90″ rel=”nofollow”>data has revealed that Long-term bitcoin holders They are taking advantage of the cryptocurrency's lower price to significantly increase their holdings. This accumulation further strengthens the belief that this group of bitcoin investors anticipates a upside potential for bitcoin despite its recent volatility.
Long-term holders pay $4.3 billion for 70,000 btc
According glass nodelong-term bitcoin holders who had previously x.com/cryptovipsignal/status/1790383038263701640?s=46″ rel=”nofollow”>sold One billion btc in the latter part of 2023 is accumulating once again. This buying activity could be interpreted as a possible bullish signal for bitcoin.
Related reading
Traditionally, long-term bitcoin holders sell your shares during peak prices and buy new tokens during periods of correction or substantial declines. When these experienced investors buy cryptocurrencies during market lows, it usually indicates their expectations of a possible rebound. leading to profits.
On the other hand, short term headlines They have been known to buy cryptocurrencies during sporadic price increases, which often indicates that a cryptocurrency is approaching its peak.
With bitcoin currently stabilizing above $61,000, long-term bitcoin holders likely see the cryptocurrency's value as a excellent purchasing opportunity. They have recently added a staggering 70,000 btc valued at over $4.3 billion to their holdings.
This sentiment about bitcoin's potential rally is also shared by some crypto analysts who have foretold that the cryptocurrency would reach new all-time highs during the approaching bull market. In early March, before the bitcoin halving event, the cryptocurrency soared above $73,000, marking a new all-time high.
With the bull market still underway, bitcoin could see more advantages as market conditions improve and investor demand increases. This could lead to profits for long-term holders who have purchased the cryptocurrency previously.
What's more, the next bitcoin-surge-bottom-as-inflation-data-in-focus/” rel=”nofollow”>US inflation report, which will be released on May 15, could also be another major factor driving substantial btc accumulation by long-term investors. With the US Consumer Price Index (CPI) holding historically highand the bitcoin-takes-a-hit-as-fed-puts-rate-cuts-on-hold/” rel=”nofollow”>Federal Reserve (FED) Without changes, bitcoin is seen as a possible hedge against inflationary pressures, protecting investors' wealth against the downside.
bitcoin whales show opposite trend
Reports from blockchain analytics platform Santiment reveal that bitcoin whales are showing an opposite trend to long-term holders.
The analysis platform x.com/ali_charts/status/1790462837330157581?s=46″ rel=”nofollow”>noted That bitcoin whales appear to be taking a break from accumulating btc, as the number of large-scale transactions has been decreasing significantly.
Related reading
This trend coincides with the decline of the cryptocurrency. chain activities forks decreasing value during the last few weeks.
crypto analyst Ali Martinez also shared a similar report, emphasizing that bitcoin's accumulation trend score is currently showing a value closer to zero, indicating that larger investors were distributing their holdings rather than buying.
Despite the downward trend, Martínez has x.com/ali_charts/status/1790387389535281197?s=46″ rel=”nofollow”>revealed that bitcoin's current sequential TD is indicating a purchase opportunity and the cryptocurrency was ready for a bitcoin-price-left-danger-zone/” rel=”nofollow”>rebound soon. At the time of writing, the cryptocurrency's price is trading below $62,000, receiving a decline of around 6.38% in the last month, according to CoinMarketCap.
Featured image of StormGain, chart from Tradingview.com