Bitcoin price falls as accumulation slows across all groups. Addresses are largely unprofitable and have low incentive to sell their holdings.

At press time, Bitcoin (BTC) has fallen to the $61,000 mark, leading to a surge in skepticism among holders and traders.

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Accumulation of holdings

One of the reasons for this is the overall decline in BTC accumulation. This trend began in May, which coincided with the bottoming of the local price of Bitcoin.

In total, all groups combined have added about 10,000 bitcoins in the past 30 days. This number pales in comparison to the 19,000 new bitcoins created in the same period.

It is the smaller investors, often called shrimp, who are leading the accumulation efforts.

A decline in BTC accumulation could lead to falling prices at worst and stagnant prices at best.

If addresses continue to HODL their BTC amid market volatility, the price of BTC will likely remain constant and may not see red in the foreseeable future.

What will the holders do?

One of the factors that determines the behavior of these holders is their profitability. AMBCrypto’s analysis of Santiment data shows that BTC’s MVRV ratio has remained in the red.

This shows that most BTC addresses are holding coins at a loss. Most addresses are willing to wait until BTC becomes profitable before selling their holdings.

Another key factor that plays a role in determining holder behavior is the long/short ratio. Over the past month, BTC’s long/short ratio has dropped significantly.

The falling long/short ratio suggests that short-term holders are slowly starting to outnumber long-term holders at the time of writing.

In times of market uncertainty, these short-term holders are more likely to panic-sell their holdings, which could increase the selling pressure facing BTC.

At the time of writing, BTC is trading at $61,533.04, with its price down 1.50% over the past 24 hours. Additionally, its trading volume has dropped by 1.77%.