Bitcoin (BTC) recently hit a key technical milestone for the first time since its all-time high (ATH), settling near $66,000. This is supported by a number of key metrics on the blockchain, which indicate a possible change in the market structure, according to Glassnode researchers. They noted that the situation around short-term and long-term hodlers of the digital coin has changed significantly. However, Bitcoin quotes have collapsed amid escalating tensions in the Middle East.
Experts stressed that, historically, when the market entered a bullish phase, similar cyclical price fluctuations occurred. The current situation is similar, which indicates the beginning of a new growth phase that may resemble previous recovery cycles after a bear market.
One of the key metrics is the number of coins held by long-term investors (Long-term Holders). According to the data, many of them purchased assets near the all-time peak of $73,000, and now their investments have crossed the 155-day threshold when coins become long-term. Despite this, the overall level of unrealized losses in the portfolios of such investors remains small, indicating low pressure.
On the other hand, Short-term Holders have shown a marked improvement in their positions as recent price movements have increased their profitability. This increases confidence among these market participants and contributes to its sustainability.
Investors in U.S. exchange-traded funds (ETFs) are also showing resilience. Despite many of them being “in the red” on average entry costs, selling pressure remains low. This indicates a high degree of confidence in the long-term value of bitcoin. “Current market dynamics suggest that a new phase of growth in the value of BTC may be about to begin,” the researchers concluded.
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