Strong Bitcoin Reaccumulation Absorbing Sell-Pressure, According to Analytics Firm Glassnode
The selling of Bitcoin ( BTC ) by long-term holders is being quickly absorbed by buyers, according to digital asset analytics firm Glassnode.
Glassnode says that long-term holders – or those holding their coins for more than 155 days – are starting to re-accumulate BTC after a second wave of selling, reducing volatility on the price chart.
“Across the 2023-25 cycle, long-term holders have distributed over 2 million BTC in two distinct waves. Yet, each has been followed by strong re-accumulation, helping absorb the sell-side pressure. This cyclical balance may be stabilizing price action.”
Source: Glassnode/X
The firm says that Bitcoin holders closing in on long-term holder status are also becoming increasingly hesitant to sell the flagship crypto asset.
“Three-month to six-month Bitcoin holders – those transitioning into long-term holder status – are showing a sharp rise in wealth held. Many of these coins were acquired near all-time high levels, and their continued aging signals conviction, not capitulation.”
Source: Glassnode/X
Glassnode also reports that the selling of Bitcoin by those holding BTC between three and six months has reached its lowest level in nearly four years, suggesting relative market strength.
“Spending from three to six months BTC holders is at the lowest levels since mid-2021. This inactivity reinforces the idea that recent top buyers are holding their positions rather than exiting, despite recent volatility.”
Source: Glassnode/X
Bitcoin is trading for $85,151 at time of writing, up 2.3% in the last 24 hours.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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