Bitcoin Holders Accumulating BTC Once Again Following Six-Month Sell-Off

Share Article
In Brief
  • Bitcoin holders are accumulating the cryptocurrency once again.

  • Holders had been offloading their bitcoin since $12,500.

  • Bullish sentiment is seeing holders begin buying once again.

  • promo

    Join the BIGGEST ICO ever launched in Spain: Buy B2M now.

The Trust Project is an international consortium of news organizations building standards of transparency.

Bitcoin holders appear to be accumulating more bitcoin (BTC), following the recent rally, which saw long-term holders decreasing their position sizes.

Sponsored



Sponsored

According to on-chain data and intelligence platform Glassnode, long-term bitcoin holders have begun accumulating the cryptocurrency once again. Previous data indicates that long-term holders had been selling or decreasing their position sizes since October 2020. 

The decrease in holdings began once bitcoin had crossed the $12,500 mark. This accelerated and reached a peak in mid-January 2021. Likely around the time bitcoin broke $40,000. 

Sponsored



Sponsored

The offloading continued until the beginning of April, and it now looks like long-term bitcoin holders are accumulating the digital asset once again. 

Bitcoin’s consistent bullish momentum

The reason for the shift from decreasing position size to increasing position size is likely due to bitcoin’s consistent bullish momentum. It is likely that bitcoin may not see a major dip back down below $40,000. This would mean holders are looking to get back into bitcoin before it continues to climb in price. 

Bitcoin has seen an impressive 400% gain in price since the sell-off began, climbing from $12,500 up to its recent high of $64,800.

Source: Tradingview 

Bitcoin has recently hit a new all-time high, garnering fresh speculation that the cryptocurrency could hit $100,000 sooner than expected. 

With the current bull market seeing huge gains across the board, bullish sentiment for bitcoin has never been this strong. Cryptocurrency adoption is reaching new levels as U.S. cryptocurrency exchange Coinbase recently listed publicly on the Nasdaq, making it the first cryptocurrency-centric company to do so.

The evaluation of the company makes it one of the biggest in the market based on share price. 

However, while long-term holders of bitcoin may be accumulating once again, data suggests that bitcoin dominance is on the decline. The rapid decline in dominance will see traders moving their funds into altcoins and other major caps. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

The BIT Time Rush. 8M BIT to Be Won. Three Innings; Massive Winnings.

Join Now!