Bitcoin Nears Historical High, Long-Term Holders Reaccumulate

According to PANews, market intelligence firm Glassnode has published a report stating that Bitcoin is just one step away from its historic peak and is still consolidating. For the first time since December 2023, long-term holders started accumulating Bitcoin again. Analysts stated that the selling pressure of long-term investors decreased significantly last week and investors returned to accumulation mode. This suggests that volatility is a necessary condition for triggering a new round of selling.

The report also highlighted market indicators showing that buyer demand is recovering. For example, last week, there was a daily net inflow of $242 million into the US-based spot Bitcoin ETF. The analyst added: 'Given the $32 million in selling pressure naturally generated by miners each day since the halving, the ETF's buying pressure is almost eight times that, highlighting the size and scale of the ETF's impact.'

It is worth noting that Glassnode observes that Bitcoin's price trend over the last three months has been more moderate compared to the previous bull market cycle. According to Glassnode's data, Bitcoin has increased by more than 3.3%, 7.4% and 25.6% in five days in the last 90 days alone, weekly, monthly and quarterly in the last three months.#EarnFreeCrypto2024 #Bitcoin #Binance $BTC