Recent data from Glassnode reveals an upswing in Bitcoin accumulation addresses, indicating a positive trend in the market. The number of these addresses had previously declined but saw a resurgence starting in late April, coinciding with Bitcoin’s price stabilization around $60,000. Long-term holders have reportedly added nearly 70,000 BTC since the cycle’s bottom, reversing a previous trend of divestment.
Moreover, the Bitcoin halving event in April led to significant accumulation, with over 115,000 BTC amassed in that month alone. This surge in accumulation addresses reflects a high level of market confidence, as evidenced by a record inflow of funds into these addresses during April.
These patterns point towards a bullish sentiment among long-term holders and other key market participants, signaling a strong collective belief in Bitcoin’s future prospects. The interactions between these accumulation trends and market events such as halving will play a crucial role in shaping Bitcoin’s trajectory in the upcoming months.
