According to PANews, market intelligence firm Glassnode released a report stating that Bitcoin is only a step away from its historic high and is still consolidating. For the first time since December 2023, long-term holders have begun to accumulate Bitcoin again. Analysts pointed out that in the past week, the selling pressure of long-term holders has significantly cooled down, and investors have returned to the accumulation mode. This indicates that volatility is a necessary condition for triggering a new round of selling.
The report also pointed out market indicators showing that buyer demand is rebounding. For instance, last week, the US-based spot Bitcoin ETF had a net inflow of $242 million per day. The analyst added, 'Considering the selling pressure of $32 million naturally generated by miners every day since the halving, the buying pressure of the ETF is almost eight times that, which highlights the size and scale of the ETF's influence.'
It is worth noting that Glassnode observed that the price trend of Bitcoin in the past three months has been more moderate than the previous bull market cycle. According to Glassnode's data, in the past three months, Bitcoin has only recorded weekly, monthly, and quarterly increases of more than 3.3%, 7.4%, and 25.6% on five days in the past 90 days.