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The behavior of long-term investors and Bitcoin network activity in April 2026 has reminded analysts from the on-chain platform CryptoQuant of the year 2024, specifically the period leading up to the rise in the value of the leading cryptocurrency.
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Experts consider the first indication of a transition from a bearish cycle to a bullish one to be the change in behavior of retail investors who typically prefer to hold crypto assets for extended periods. These investors have begun accumulating Bitcoin in their wallets: from January to March, the volume of coins held by such owners exceeded 4.37 million BTC, according to CryptoQuant.
The current amount of Bitcoin in the wallets of long-term holders is double the figure recorded at the beginning of 2024, just before Bitcoin’s price began to rise. These changes indicate a consistent absorption of supply in the market, as explained by on-chain experts.
Addresses that are regularly replenished and withdraw little have increased their holdings to 1.29 million BTC. Typical wallets of retail investors, whose behavior is not associated with long-term accumulation, have added approximately 857,000 BTC.
“A key feature of the current situation is that the growth is no longer solely driven by the actions of large holders: there has been a significant acceleration in accumulation on retail investor addresses. This indicates that confidence in Bitcoin’s prospects is spreading among various groups of wallet owners, rather than being concentrated among a limited number of whales,” stated blockchain researchers.
The influx of Bitcoin to centralized exchanges from highly active addresses has slowed. During the growth phases of 2023-2024, the influx of such speculative funds often exceeded 1.2-1.5 million BTC, whereas current averages are only around 300,000-350,000 BTC.
Analysts have noted an increase in the network activity index from 3320 to 3600, reaching levels seen in April 2025. This suggests a resurgence of more active network operations, according to representatives from CryptoQuant. The index takes into account network usage signals such as transaction counts and throughput.
Meanwhile, blockchain experts acknowledge that the bottom price of Bitcoin is unlikely to have been reached, citing data on the weak dynamics of active addresses—considered the opposite of those wallets that accumulate Bitcoin over time.
On Monday, April 6, the momentum of active addresses fell to -0.25, the lowest level in the past eight years, as reported by CryptoQuant analysts. In their view, the negative value of this metric indicates a decline in Bitcoin investors’ participation in trading. Such changes suggest to experts a desire among individuals to accumulate. The low level of activity has persisted since July 2025: a similar situation occurred in 2024 during the period preceding a 35% drop in the price of the leading cryptocurrency, as noted by CryptoQuant specialists.
CryptoQuant observed an increase in the proportion of coins held by investors. The volume of the leading cryptocurrency transitioning to long-term holders has begun to surpass the volume of sales. This metric has moved out of the negative zone.
