Bitcoin (BTC) has been on a bit of a rollercoaster ride lately, with its price jumping up 3% since the start of May. This comes after a whopping 14% increase in April. It seems like investors are feeling pretty good about the future of BTC, as on-chain data is showing rising confidence among both long-term holders (LTHs) and short-term holders (STHs).
According to Glassnode, a company that analyzes blockchain data, LTHs have been steadily increasing their supply holdings since early March. These are investors who have held onto their BTC for 155 days or more. On the other hand, STHs, who have held for less than 155 days, have also started accumulating more BTC over the past week.
Not really sure why this matters, but Glassnode’s latest report reveals that LTHs have added over 250,000 BTC to their holdings since March, bringing their total supply to over 14 million BTC. This indicates that there is a renewed sense of confidence among long-term holders, who are opting to accumulate rather than sell off their holdings.
Even STHs, who typically do the opposite of LTHs, have been getting in on the action by adding over 25,000 BTC to their holdings in the last week. This is a significant shift from the net distribution of more than 200,000 BTC that occurred in February 2025, coinciding with a 30% drop in the price of bitcoin.
With BTC currently hovering around $97,000, it seems like investors across the board are feeling pretty bullish. However, Glassnode has identified a potential profit-taking zone at $99,900, where LTHs may start selling off their holdings once they reach a +350% unrealized profit margin. This could lead to some sell-side pressure in the market, so it will be interesting to see how things play out as BTC approaches this level.
All in all, it looks like there’s a lot of confidence in the market right now, with both long-term and short-term holders increasing their holdings. Maybe it’s just me, but it seems like investors are feeling pretty optimistic about the future of BTC. As the market continues to evolve, it will be important to keep an eye on how these accumulation trends impact the price of bitcoin moving forward.
