The latest onchain report from Glassnode reveals a significant shift in the bitcoin market, indicating a resurgence in the HODLing behavior among long-term holders despite ongoing volatility. The Accumulation Trend Score (ATS) has reached a maximum value of 1.0, suggesting a strong focus on accumulation.
Renewed Commitment from Bitcoin Holders
According to Glassnode’s analysis, the bitcoin (BTC) market is seeing early signs of a transition from sell-side pressure to accumulation. The report highlights that large wallet sizes, often associated with ETFs, are returning to accumulation.
Source: Glassnode’s weekly onchain report #33.
In the past three months, approximately 374,000 BTC have transitioned back into long-term holding status, indicating that long-term holders (LTHs) are increasingly opting to retain their assets. This shift contributes to a more stable market foundation, as LTHs are showing a preference for holding onto their coins.
Market Indicators and Future Potential
Glassnode's data also points out that the Sell-Side Risk Ratio for LTHs remains low compared to previous cycles, suggesting that these investors are waiting for higher prices before selling. This cautious optimism among long-term investors is reflected in Bitcoin’s recent price movements, with a 2.3% increase on August 13, peaking at $61,600 per unit. Over the past week, BTC has risen more than 7% against the U.S. dollar.
Insights from cryptoquant.com further support Glassnode’s findings, noting a significant influx of bitcoin into long-term holder addresses over the past 30 days.
What are your thoughts on Glassnode’s latest onchain report? Share your opinions below!
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