Bitcoin is seeing a surge in long-term investment, according to blockchain analytics platform Glassnode.
Big Players are Back
Over the past three months, long-term Bitcoin holders (those who hold for at least 155 days) have bought up over $22 billion worth of Bitcoin. This suggests a shift in sentiment among these big players, who were previously selling off during the run-up to Bitcoin’s all-time high. They’re now holding onto their coins, indicating a strong belief in Bitcoin’s future.
Accumulation Trend Score is High
Glassnode’s Accumulation Trend Score (ATS) is also pointing to a major shift towards accumulation. This metric measures the balance of buying and selling activity across the market, and it’s currently at its highest possible value. This means that the market is heavily tilted towards buying, suggesting that investors are confident in Bitcoin’s potential.
Strong Fundamentals and Potential Breakout
The data suggests that Bitcoin’s market fundamentals are strong and that a breakout to new all-time highs could be on the horizon. Long-term holders are showing a lot of patience and are waiting for higher prices. They’re also not panicking during this recent price correction, which shows their conviction in Bitcoin’s long-term value.
Bitcoin’s Current Price
Bitcoin is currently trading at around $58,979, down about 3% in the last 24 hours.
Disclaimer: This information is not financial advice. Do your own research before investing in any cryptocurrency.
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