In a recent report by Glassnode, it was revealed that long-term Bitcoin holders have resumed accumulation for the first time since December 2023. This follows several months of selling, indicating a return to accumulation patterns. The report also noted a resurgence of buy-side demand, with U.S.-based spot Bitcoin ETFs experiencing an average daily net inflow of $242 million.

This trend suggests that the uptrend seen in 2023-24 may be primarily driven by spot markets. The renewed interest has caused immediate buy-side activity, resulting in significant price movements across all timeframes. For the first time since late 2021, BTC experienced price shifts exceeding 20%.

The report also highlighted the ETH/BTC trading pair, potentially signaling a more promising outlook. Despite Ethereum underperforming compared to other leading crypto assets over the last two years, the SEC’s approval of U.S. spot Ethereum ETFs has leveled the playing field between Bitcoin and Ethereum.

Overall, the report paints an optimistic picture for the market, suggesting a more measured and sustainable growth pattern compared to previous bull cycles.