Glassnode said in its weekly on-chain report that after several months of relatively heavy distribution pressure, Bitcoin holders' behavior seems to have shifted back to holding (HODL) and accumulation. In the past 3 months, a total of more than 374,000 BTC have been transferred to LTH (long-term holding) status.
Spot market activity shows that there has been a net tendency of seller pressure recently, and this tendency has not yet completely subsided.
However, the sharp price fluctuations in recent months have caused the distribution pressure of LTH to slow down significantly, causing the proportion of holdings of this group to first stabilize and then resume growth.
Compared with the ATH breakthroughs in the past cycle, the current holding value of the long-term holder group is still at a historical high. This suggests that LTH may face further withdrawal pressure if the price of Bitcoin rises in the future. It also shows that although the price of Bitcoin has been consolidating sideways and even falling recently, these investors are further willing to reduce their positions at lower prices.
Overall, despite the challenging and volatile market environment, long-term Bitcoin holders remain steadfast, and there is evidence that they are increasing their accumulation behavior. This group of investors holds a higher percentage of Bitcoin network wealth and has shown a certain patience in waiting for prices to rise. In addition, despite the largest price correction in the cycle, this group of investors has not panic-sold, highlighting the resilience of their overall conviction.