Bitcoin Long-Term Holders Accumulate the Most in 6 Years, Increasing by 1.29 Million BTC

Long-term holders of Bitcoin have begun accumulating during the bear market. According to data from CryptoQuant, as of May 24, the net position change of long-term holders over the past 30 days reached 1.29 million BTC, marking the highest figure in six years. This surpasses the record set during the 2017 bull market. Long-term holders are investors who maintain their positions through various market cycles, and they are currently stacking Bitcoin again. Despite the declining price of Bitcoin, long-term holders see this as a buying opportunity rather than a reason to sell. The net position change indicator for long-term holders shows a high green value, interpreted as a signal that smart money holders are aggressively accumulating. This accumulation is occurring in a different manner compared to past bull periods, with large-scale accumulation happening at lower price levels. Data indicates that the accumulation by long-term holders has influenced the rebound in Bitcoin's price, which has risen by 15% from approximately $58,000 to $66,000. A reduction in supply could increase the potential for a price rally, and there are forecasts that Bitcoin could reach $70,000 if buying momentum continues. However, Bitcoin has not yet fully regained its upward momentum.