Long-term bitcoin holders are starting to re-accumulate for the first time since December 2023 after multiple months of selling, according to Glassnode data

"Residing just shy of its all-time high, bitcoin continues to consolidate, with long-term holders beginning to re-accumulate coins for the first time since December 2023," a report from the market intelligence firm said today.

The analysts noted that spending pressure from long-term holders has cooled off significantly in the past week, with investors returning to accumulation patterns — suggesting that volatility is required to motivate any new wave of sell-offs.

The report also identified market indicators that suggest a return of buy-side demand. Glassnode illustrated this by saying that, last week, U.S.-based spot bitcoin ETFs …