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Major Bitcoin holders have altered their strategy: after approximately six months of distribution and sales, they have resumed accumulation, stated Burak Kesmeci, an analyst from the on-chain platform CryptoQuant.
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According to his assessment, the shift occurred in mid-January when Bitcoin’s price stabilized within the range of $62,000–68,000. Since the beginning of the year, the accumulation volume from long-term holders has increased by around 115,000 BTC, while selling pressure has significantly diminished.
“The most patient investors in the market are back in the game. Historically, such a scenario often precedes a lull before a significant movement. One thing can be said: the selling pressure from long-term holders has ceased — at least for now,” the analyst noted.
He emphasized that the change in behavior among large holders is unlikely to independently trigger a sharp market reversal. There are currently no fundamental conditions for sustainable growth.
Kesmeci believes that the key factor in the coming weeks will be the dynamics of purchases by investors. If demand continues to rise, the price may attempt to establish itself above $70,000.
Previously, CryptoQuant’s CEO Ki Young Ju referred to the current market phase as a bear cycle and outlined two potential scenarios for Bitcoin’s recovery.
