Long-term holders turn net accumulators, easing a major bitcoin headwind

Source: CryptoNewsNet Original Title: Long-term holders turn net accumulators, easing a major bitcoin headwind Original Link: https://cryptonews.net/news/bitcoin/32205358/ Long-term holders (LTH) of bitcoin have shifted back into accumulation for the first time since July.

LTHs, defined as entities that have held bitcoin for at least 155 days, have accumulated roughly 33,000 BTC on a 30-day net basis, according to onchain data analysts.

Selling from LTHs has been one of the two largest sources of sell pressure this year along with miner capitulation. LTHs were a major source of distribution, while miners are typically forced to sell bitcoin while mining at a loss.

Since it takes 155 days for short-term holders to transition into long-term holders, this suggests that buyers from the past six months are now becoming long-term holders and are outpacing the distribution.

LTHs sold more than 1 million BTC during the 36% correction from October, marking the largest sell-pressure event from this cohort since 2019, a period that ultimately coincided with the bear market low that year, with bitcoin at around $3,200.