📈 [Bitcoin holders are firm in their convictions, and the market is gradually recovering]

Hello everyone! Today we are going to talk about the latest developments in the Bitcoin market. According to the latest report from Glassnode, a crypto data analysis platform, Bitcoin holders seem to be returning to the mode of HODLing and hoarding after months of selling pressure. This change makes people look forward to the future market trend.

First, Glassnode pointed out that although there is still some seller pressure in the spot market, this pressure is gradually weakening. Compared with the historical high breakthrough in the past cycle, a relatively large proportion of network wealth is currently in the hands of long-term holders. This means that Bitcoin holders are still confident in the future market performance.

Secondly, the market has gradually recovered from last week's sell-off, and there is obvious uncertainty and indecision among investors. However, by analyzing the on-chain data, we can see that the trend of HODLing is beginning to emerge. Since the price of Bitcoin hit an all-time high in March, the market has experienced a period of extensive supply distribution, with wallets of all sizes participating. In recent weeks, this trend has shown early signs of reversal, especially the largest wallets associated with ETFs. These large wallets appear to be returning to hoarding.

It is worth mentioning that the Accumulation Trend Score (ATS) indicator also shows that the market is shifting to accumulation-led behavior. The ATS indicator assesses the change in weighted balances in the market and currently records its highest possible value of 1.0, indicating significant accumulation behavior over the past month.

Despite difficult market conditions and volatility, long-term Bitcoin holders remain steadfast in their convictions and there is evidence that they are increasing their hoarding behavior. Compared to the historical highs of the previous cycle, this group of investors holds a higher proportion of Bitcoin network wealth, indicating that they are showing some patience and waiting for higher prices. In addition, during this cycle, despite the largest price declines, this group of investors has not panic-sold, highlighting the resilience of their overall convictions.

Overall, despite the uncertainty in the market, the firm conviction and hoarding behavior of Bitcoin holders bring positive signals to the market.What do you think about the future trend of the Bitcoin market? Feel free to share your views and insights in the comments section, let's explore this dynamic market together! 💬