Bitcoin Owners Shift Back to HODLing: Accumulation is Underway – Glassnode
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Bitcoin owner behavior is shifting back to HODLing, according to the latest report by analytics firm Glassnode.
Naturally, the HODLing state is accompanied by accumulation.
This shift follows several months of relatively heavy distribution pressures.
Notably, the market went through its largest downtrend of this cycle and is currently “digesting” it.
And while there is indecision amongst digital asset investors, metrics nonetheless point to a renewed rotation to HODLing and accumulation, the report argued.
With the market currently digesting the largest #Bitcoin downtrend of the cycle, indecision amongst digital asset investors remains apparent.
However, below the surface, a distinct return to HODLing and accumulation appears to be underway.
Discover more in the latest Week… pic.twitter.com/dtyrv8dVqz
The crypto market went through another sell-off last week, but it’s now showing signs of recovery.
As it typically happens, uncertainty and investor indecision levels are notable at this stage.
“Nevertheless,” said Glassnode analysts, “when analyzing the onchain response of investors to these choppy market conditions, a trend of a preference for HODLing is beginning to emerge.”
Bitcoin recorded an all-time high of $73,737 in March this year. The market saw an extensive period of supply distribution since, with participation by wallets of all sizes.
That said, the analysts found “early signs” over the last few weeks that this trend is reversing.
This is especially true for the largest wallet sizes, often associated with exchange-traded
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