According to data from Glassnode analysts, long-term Bitcoin (BTC) holders are beginning to accumulate digital assets again for the first time since December 2023. In the past few months, they have actively sold their coins, seemingly taking profits.

The analysts noted:

This indicates a decrease in selling pressure, which could lead to an increase in the price of Bitcoin.

Experts also emphasized that investors have returned to accumulation patterns, indicating that volatility is necessary to motivate market participants and form a new wave of growth or sell-offs.

The report notes several market indicators pointing to an increase in buyer demand. Glassnode analysts reminded that last week, the average inflow into US spot ETFs was $242 million.

Notably, over the past 3 months, Bitcoin's price movement has been more restrained compared to previous bull cycles. As of May 29, 2024, the price of Bitcoin decreased by 1.02% over the day to $67,810. The market capitalization of the cryptocurrency stands at $1.33 trillion, and daily trading volumes on the spot market have decreased to $28.49 billion. Bitcoin's dominance over altcoins is 52.7%.