Bitcoin (BTC) Spot sales cycle seems to be over, since long-term letters are again in accumulation mode

The panic sales phase of the Bitcoin market seems to have ended, with all spot sellers going through a relatively short capitulation phase.

The panic selling stage of the Bitcoin market seems to be over, with all spot sellers passing through a relatively short capitulation phase. Long-term holders of BTC, in wallets older than 155 days since creation, are now back in accumulation mode.

The panic selling stage of the Bitcoin market seems to be over, with all spot sellers passing through a relatively short capitulation phase. Long-term holders of BTC, in wallets older than 155 days since creation, are now back in accumulation mode.

Bitcoins (BTC) spot accumulation, with coins in wallets over 155 days returning to accumulation. Some of the newest cohorts, bought December 2024, are seen holding above $70,000 on pullback.

Bitcoins (BTC) spot accumulation, with coins in wallets over 155 days returning to accumulation. Some of the newest cohorts, bought December 2024, are seen holding above $70,000 on pullback.

BTC has been stabilizing above $95,000 after a turbulent week. The accumulation has been spotted to continue for several actors, from shark and whale wallets to institutions.

The current accumulation is slow, with pressure from short-term traders and whales selling on any bounce. Still, the trend has shifted from panic and capitulation to a new buying phase.

A total of 14,907,459 BTC are spotted in wallets over 155 days old, but without noting the oldest historical whales and buyers. After the 2022-2023 bear market, accumulations and distributions had faster turnover, as whales quickly pocketed profits.

On-chain data shows that older wallets were more dedicated to holding through turbulence. The recent shift of funds to old addresses matches the pattern of a mid-cycle consolidation, with the selling period concluding.

Bitcoin Long-Term Holders Are Back in Accumulation Mode

Long-term BTC holders are once again stacking in U.S. dollar terms, as the selling pressure and the increasing doom.

Bitcoin is moving to the hands of strong, which is a common pattern seen during the mid-cycle consolidation.

BTC transitioned into accumulation from March, concluding a cycle of distribution during the fourth quarter of 2024.

The recent price movements displayed whales taking profits at the all-time high but now consolidating their positions to anticipate the next rally. BTC usually breaks out after accumulation and consolidation.

The buying of BTC spot and the complete ownership is taking place in the background while derivatives markets are fuelling more dramatic price changes.

The spot buy and hold is also fuelling the narrative of scarcity for BTC as institutions, defi, miners and other actors are preparing for the long term.

Short-Term BTC Holders Also Show Confidence

Almost all cohorts of BTC wallets are either holding or increasing their balances, based on the Hodl Waves Heatmap.

Based on the Rainbow chart, BTC is still in a good buying zone and is expected for a higher breakout. The coin still needs to accumulate more before attempting a new breakout.

One reason for the short-term accumulation is that even the newest buyers were in profit after last week’s green candle.

The profit cohort reached 87.6% of holders, from a recent low of 80% in green.

The price of BTC is now above the cost basis for the newest cohorts of buyers, concluding the selling duration to lower losses.

BTC was seen to be collecting again during the U.S. trading hours, reaching $97,283.28 after a turbulent day in the Asian markets.

The leading coin has been showing that its price is easily influenced by leveraged trading but returns to its increasing trend within a few days.