Despite a recent billion-dollar shakeout, long-term holders of Bitcoin (BTC) have continued to accumulate the tokens, suggesting a bullish outlook in the longer term remains intact among traders. According to data from crypto exchange Bitfinex, 40% of long-term holders have not moved their Bitcoin in more than three years, an all-time high for that metric. “Looking closely at long-term holder net position changes reveals a consistent accumulation trend since March 2021,” the analysts said. “This behavior indicates optimism and potential resilience against market volatility.”
However, while holders with very high holding timeframes of three years or more continue to accumulate Bitcoin, the one-year inactive supply metric suggests a more bearish sentiment. “While holders who weathered both the bull market peak and bear market remain steadfast, “newer” long-term holders who acquired their positions during the bear market show more unease,” the analysts said. These holders are said to have exited their positions during a price drop from the $29,000 range low in July.
Crypto markets are currently enduring some of their longest low-volatility periods in recent years, with futures and options traders positioning for a bearish market in the coming months. Despite this, long-term holders of Bitcoin remain optimistic, showing a consistent accumulation trend since March 2021.