According to the latest “Bitfinex Alpha” report released by Bitfinex, long-term Bitcoin (BTC) holders have now begun to accumulate Bitcoin for the first time since December, marking a new trend change in the market.
Analysts note that these investors' motivation to sell has weakened, while at the same time, there has been a clear increase in buying behavior.
After Bitcoin reached its all-time peak of $73,666 in March, long-term holders engaged in massive selling operations, which led to an increase in supply on the market and subsequently triggered a period of price pullback and correction.
However, current conditions suggest that this trend has reversed, with long-term holders beginning to accumulate Bitcoin again for the first time since December 2023.
From early 2024 to April, long-term holder selling during the bull run was very evident, as evidenced by the decrease in the supply of 1-year and 2-year unspent transaction outputs (UTXOs).
Meanwhile, the supply of UTXOs that have held Bitcoin for more than three years continues to increase, suggesting that these long-term holders are bullish on the future value of Bitcoin.
After experiencing net outflows in April, the buyer demand for Bitcoin exchange-traded funds (ETFs) has rebounded strongly. In particular, the US Bitcoin spot ETF has seen an average daily net inflow of $136 million in the past two weeks, an amount that exceeds the daily selling pressure from miners after the halving event.
Additionally, the amount of Bitcoin (BTC) held on exchanges has dropped dramatically since February, a change that has fueled recent price gains and could pave the way for another surge in Bitcoin’s value.
Conclusion:
The latest report released by Bitfinex shows that long-term Bitcoin holders are re-accumulating Bitcoin, marking a new trend change in the market. At the same time, demand for Bitcoin exchange-traded funds is also recovering and outstripping miners' selling pressure.
These trends suggest that investors are optimistic about the future value of Bitcoin, potentially creating conditions for further price increases. #比特币 #ETF #增持 #抛售压力
