Long-term bitcoin (BTC) investors are accumulating tokens as the largest cryptocurrency’s price declines, decoupling it from the continued uptick in Wall Street’s tech-heavy index Nasdaq.
Blockchain analytics firm Glassnode’s long-term holder net position change indicator, which tracks the 30-day change in the net amount of BTC entering or exiting exchange wallets that tend to hold coins for over six months, flipped positive in early April and has surged in the past four weeks.
The feature image shows net accumulation is currently happening at the fastest pace since October 2021. That indicates that investors view bitcoin’s recent weakness as a typical bull market breather.
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