According to the latest reports from CryptoQuant, 25% of the total Bitcoin supply was bought at high prices between 2021 and 2024.
Bitcoin Bought at High Prices
In a new post on X, author Axel Adler points out that $300 billion, or a quarter of the coin’s total market cap, entered the Bitcoin market at prices between $58,000 and $73,000.
BTC Accumulation Trend Score
According to recent reports from Glassnode, accumulation is back in the market again at prices near $58,000. In a post on X on August 15, they revealed that an important Bitcoin metric shows that the market is shifting back to buying. The Accumulation Trend Score reached its maximum value of 1.0, signaling significant accumulation over the past month.
Drop in Demand for Short-Term Holders
Axel Adler noted in another post on X on August 15 that during this bull cycle, the demand for BTC among short-term holders has significantly decreased by more than six times. This means that weak hands are currently not interested in purchasing BTC, which according to Adler indicates more stable asset retention.
At the time of writing this article, BTC is trading above $58,000. BTC’s price bounced back following a drop below the $57,000 level on August 15, 2024.
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