Buying Spree by Short-Term Holders
Since December 2023, short-term Bitcoin holders have been on a buying spree, accumulating over 1.2 million BTC. This surge in interest follows the launch of Spot Bitcoin ETFs in the US.
Accumulation by Whales and Retail Investors
Previously, accumulation was primarily driven by whales and long-term holders. However, recent data shows a shift towards short-term holders.
Profitability for Short-Term Holders
Despite Bitcoin’s recent struggle to break above $70,000, short-term holders have been consistently profitable. Their profit-taking has outpaced losses by 50 times.
Retail Adoption on the Rise
The influx of new coins into short-term holder wallets suggests that retail investors are finally embracing Bitcoin. This could lead to continued price growth in the long term.
Bitcoin’s Future Outlook
The buying spree by both short-term and long-term holders indicates strong retail and institutional interest in Bitcoin. This trend is expected to continue, especially with the upcoming Bitcoin halving.
