Bitcoin (BTC) investors are showing a new preference for holding and accumulating, according to the latest report from Glassnode.
After a period of supply distribution following Bitcoin's all-time high in March, the market is now showing early signs of a reversal towards accumulation.
Large wallets, often associated with ETFs, appear to be leading the trend. The Accumulated Trend Score (ATS), which measures weighted balance changes across the entire market, recorded the highest possible value of 1, indicating significant accumulation over the past month.
Source: Glassnode
Long-term holders (LTH) have also changed their behavior. After divesting around the time of the all-time high, this group has now returned to holding. Over the past three months, a total of 374,000 BTC has been transferred to LTH wallets.
Source: Glassnode
The 7-day change in LTH supply, a measure used to gauge the rate of change in their aggregate balance, has returned to positive territory. This shows that the LTH pool is prioritizing holding.
Notably, despite the strong distribution from April to July, the spot price continues to trade above the Active Investor Cost Basis of $51,300, a metric that measures the average price investors pay to purchase their BTC.
“The market has found support near this level, which shows some underlying strength, so investors are generally still expecting positive market momentum in the short to medium term.”
The shift to accumulation comes amid market uncertainty following the recent sell-off, but data shows that investors’ tendency to hold on to their holdings is now a bigger driver than pressure to spend.
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