Bitcoin HODLers Keep Accumulating
CryptoNewsTerminal Staff13 Aug, 2024
Bitcoin HODLers Keep Accumulating
Bitcoin (BTC) long-term holders have been accumulating around the $60,000 mark despite the recent market downturn, according to a report by Decrypt. The report, citing Glassnode data, shows that long-term holders have added 374,000 BTC to their wallets over the past three months. This suggests that these investors are confident in Bitcoin's long-term prospects, even amid the current volatility. The accumulation trend is likely due to several factors, including the geopolitical risks, recession fears in the US, and the Bank of Japan's surprise interest rate hike. These factors have weighed on Bitcoin's price, but long-term holders have used the opportunity to add to their positions. The Accumulation Trend Score, which measures the amount of accumulation taking place, suggests that the amount of accumulation that took place last month was significant. This indicates that long-term holders are taking advantage of the current market conditions to add to their BTC stash. Despite the recent market downturn, Bitcoin's long-term fundamentals remain strong. The network is secure, the adoption rate is growing, and the supply is limited. These factors are likely to support Bitcoin's price in the long run.
