Bitcoin's long-term holders have returned to accumulation
Key takeaways
- According to analysis of blockchain data by Glassnode, positive undercurrents are forming beneath the surface, contradicting the bearish sentiment following June's 20% drop.
- The most notable of those undercurrents is the long-term holder net position change, which has flipped back into positive territory after an extended period of distribution.
- The current accumulation appears to be running in the range of roughly 50,000 to 100,000 BTC on a net basis, based on Glassnode's chart.
Smaller and mid-sized wallets are leading broad-based dip-buying while the largest whale wallets remain mostly neutral, prompting analysts to say it is still too early to call this a full accumulation regime.Bitcoin's BTC$60,514.52 price is back above $60,000, recovering from 21-month lows set early this week – and why not.
According to analysis of blockchain data by Glassnode, positive undercurrents are forming beneath the surface, contradicting the bearish sentiment following June's 20% drop.
The most notable of those undercurrents is the long-term holder net position change, which has flipped back into positive territory after an extended period of distribution. The indicator tracks the 30-day net change in supply held by wallets that have held coins for at least 155 days (nearly six months), qualifying them as long-term holders in Glassnode's framework.