Long-term holders of bitcoin are now accumulating their coin stashes at the fastest rate in over a year, according to CryptoQuant.
Bitcoin long-term holders are adding to their holdings at the fastest monthly rate since April 2023, according to CryptoQuant analysts.
Wednesday's market report from the analytics firm noted that the increase in bitcoin demand from long-term holders is supporting the digital asset's price. This comes despite the cryptocurrency facing an increase in supply hitting the market that originated from seized bitcoins held by the German and U.S. governments, along with the distribution of funds from the defunct bitcoin exchange Mt. Gox.
Analysts said that long-term holders realized strong profits when prices peaked above $70,000 at the beginning of June. However, they have since experienced some losses and are less willing to sell. "This could be an early sign of a bitcoin price bottom," they added. Nonetheless, the CryptoQuant report said that bitcoin prices may take a little longer to bottom and start a new leg up as stablecoin liquidity growth is still not in full swing.
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