Long-Term Holders Have Been Accumulating Bitcoin to Historic Highs

Long-term holders have been accumulating Bitcoin to historic highs, adding over 1.15 million BTC since the $83,000 level. The accumulation happened in the $61,000 to $83,000 range

Key Insights:

* Long-term holders have been accumulating Bitcoin to hit record levels, adding over 1.15 million BTC since the $83,000 level. The bulk of the accumulation happened in the $61,000 to $83,000 range, which shows that even with market volatility, large investors are becoming more and more convinced.

* The amount of demand from addresses that have always bought and never sold has hit an all-time high of 309,000 BTC in the last 30 days. In the meantime, short-term holders look shaken, and net selling intensified with a 30-day position change of -833,000 BTC. Short-term uncertainty continues while long-term confidence is growing.

Long-term Bitcoin (BTC) holders have been accumulating the cryptocurrency in record amounts over the past few months, as the price trades calmly above the $100,000 mark.

Data from crypto analytics firm Glassnode shows that since BTC crossed $83,000, long-term holders have increased their supply from 14.03 million BTC to 15.18 million. This is an accumulation of 1.15 million BTC, which would be worth around $125 billion at current prices. Most of these coins were purchased in the $61,000 – $83,000 range.

The increase in holdings indicates that experienced participants still have faith in Bitcoin’s future. For this cohort, the average entry price is estimated to be around $72,000, which means that they are 51% unrealized profit. Such a positioning is often a sign of strong hands waiting for a potential future rally.

Furthermore, this behaviour is indicative of an ongoing transfer from speculative to conviction-based ownership.

As the chart above shows, the amount of demand from addresses that are known to buy consistently without selling has hit a new record high in the last 30 days, with 309,000 BTC being purchased by accumulators.

Usually, this type of behavior is associated with institutional and strategic investors, who prefer to accumulate in a calmer fashion and are less sensitive to short-term price fluctuations.

Demand was at historic levels, but it was after a deep correction, and it shows confidence is coming back at higher price levels. This metric has previously peaked in times of consolidation or renewed upside pressure.

In addition, the rapid accumulation has also decreased the selling pressure, keeping BTC steady above the $100,000 mark. The market has been absorbing high inflows despite volatility without major corrections. That suggests prices are being supported by sustained demand from high-conviction buyers.

On the other hand, short-term holders decreased exposure by a great deal in the past month. In 30 days, they lost 833,000 BTC, which indicates a decrease in confidence. It is the same capitulation we saw during the last correction in late 2024.

Even though Bitcoin is still above $100,000, many short-term traders exited because of fear of further drawdowns. Contrary to long-term accumulation, this suggests that the market sentiment remains bifurcated. Short-term volatility is getting more attention from risk sensitive participants.

Short-term resistance can be created from this net selling by short-term holders. But this pressure may continue to be offset by long-term accumulation. If short-term holders supply shifts into stronger hands, the market could stabilize even further.

Meanwhile, Coinbase Premium Index has rebounded strongly from negative levels in April to firmly positive territory in June, and it seems that U.S. investor demand is driving the current cycle, with prices pushing towards $110,000. A persistent premium usually means that the regulated exchanges are being spot bought.

The premium rebound has been supporting steady price appreciation with no overheating signals. The pattern of the recovery matches the previous bull cycle recoveries, as CryptoQuant data shows. In the short term, BTC may continue challenging new highs.

On the other hand, technical indicators are still bullish as the Ichimoku cloud signals are still bullish on the 4-hour chart. The accumulation/distribution line is trending higher, and MACD is also trending higher. With volume behind it, Bitcoin just broke above resistance levels.

According to Hyperliquid, the biggest cluster of long liquidations is at $105,000. That can create a magnet for short term downward pressure as bears try to push into those levels. But BTC is still above $109,000, which lessens the risk of a near term downside.

The spread of short liquidation levels is more spread out with increasing leverage on top of $120,000. This paves the way