Crypto analytics shows long-term Bitcoin holders accumulating since December
CryptoNewsTerminal Staff03 Jun, 2024
Crypto analytics shows long-term Bitcoin holders accumulating since December
Long-term Bitcoin holders are accumulating for the first time since December last year, according to a weekly analysis report from Bitfinex. On-chain metrics show that these addresses have reduced their selling pressure while ramping up their buying activity. The report also stated that throughout this cycle, long-term holders have been net sellers up until roughly April of this year. However, the supply held by UTXO cohorts that have not moved in over three years has begun to increase, suggesting a long-term bullish bias. Additionally, the recently launched US BTC spot ETF appears to be gaining traction after enduring large outflows in April. The fund has seen an average daily inflow of $136 million over the last two weeks — an amount which is starting to offset the daily selling pressure (supply) coming from miners post-halving.
