According to ChainCatcher, according to data from Glassnode, long-term Bitcoin holders have begun to re-enter the accumulation mode for the first time since December 2023 after months of selling, indicating that volatility is needed to drive a new wave of selling.
Analysts also pointed out that Bitcoin's price action over the past three months has been more modest than in previous bull cycles. In the past three months, Bitcoin's weekly, monthly, and quarterly gains have exceeded 3.3%, 7.4%, and 25.6%, respectively, with only five days in the past 90 days. In previous cycles, this figure reached 18 to 26 days, indicating that the current market may be more cautious relative to historical bull markets.
