The price of Bitcoin may be sliding in recent hours, yet behind the scenes, the most patient and experienced holders of the cryptocurrency are doing the exact opposite of panicking. Following a 12-day streak of liquidations, long-term investors made a dynamic comeback to the markets, reactivating the exact same signal that back in February acted as a precursor for an impressive 25% price rally.
Glassnode tracks these holders through the long-term holder net position change indicator. This specific metric measures coins held for roughly 155 days or longer, meaning a positive reading indicates this particular group is buying faster than it is selling. This matters because these specific digital wallets rarely react to market "noise." Their return to accumulation removes supply from the market, which restricts availability and gives the Bitcoin price room to move upward.
Over the previous 12 days, this reading remained negative, meaning these holders were liquidating coins in a declining market. The shift of this indicator into positive territory halts this bleeding, at least for the time being.
Right now, they are buying while the price drops. Bitcoin is trading near 62,717 dollars, marking a decline of about 2% on the day, so this is a buy-the-dip strategy during a phase of weakness rather than chasing an upward trend.
The signal that predicted the February bottom
The last time selling turned into buying was in late February, when Bitcoin was trading near 65,896 dollars. From that point on, accumulation by long-term holders grew steadily, and BTC peaked around 82,186 dollars on May 10, racking up gains of approximately 25%.
Subsequently, the pattern slowed down and eventually reversed. These holders scaled back their purchases from late May onward and shifted to selling in late June. Concurrently, the Bitcoin price retreated back toward 60,000 dollars by late June. In every instance, the shift in holder behavior preceded the price action, rather than the other way around.
This is the exact sequence that this latest turnaround is testing once again. Buying must come first, and then the price tends to follow. This new shift is reminiscent of that February bottom, and that is why traders who monitor on-chain signals to identify market bottoms are paying close attention to these two quiet "green" days.
A "green" week for ETFs supports the turnaround
A second signal points in the exact same direction. In the week ending July 10, US spot Bitcoin ETFs attracted approximately 197 million dollars, recording their first "green" (positive) week after eight consecutive weeks of outflows. Because ETF purchases move the actual spot Bitcoin, two different groups are now buying simultaneously.
This coincidence is the reason why the turnaround of long-term holders carries greater weight than its sheer size implies. These patient wallets might even be interpreting the ETF trend reversal as a signal of their own.
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