Moreover, the analysts looked at the metric called the Accumulation Trend Score (ATS). It assesses a weighted balance change across the market.
The ATS also suggests a return to the accumulation-dominant behavior.
What’s more, the ATS hit its highest possible value, “suggesting significant accumulation throughout the last month.”
Long-Term Investors Are Accumulating Wealth
Moving towards the all-time high, Long-Term Holders (LTH) heavily divested, but are now noticeably shifting to HODLing.
374,000 BTC moved into the LTH status over the last three months.
“From this, we can infer that the propensity for investors to hold onto their coins is now a larger force relative to their spending pressures,” the analysts remarked.
The report noted “choppy sideways price action” seen in recent months as the motivation for a slow-down in the distribution pressure by LTHs.
Therefore, their wealth percentage first stabilized and then started growing again.
Furthermore, this wealth “remains historically elevated” compared to previous all-time high breakouts, the report said.
Also, even when trading sideways or downwards, LTHs are “increasingly unwilling to part ways with their coins at lower prices.”
These findings, said the analysts, suggest a more patient and resilient holder base, adding:
“Despite challenging and choppy market conditions, Long-Term Bitcoin Holders (LTH) remain remarkably steadfast in their conviction, with evidence they are ramping up accumulation behaviour.”
Additionally, the LTH Sell-Side Risk ratio stands at a lower level compared to previous all-time high breaks.
This suggests that the profit size the LTHs took is comparatively small relative to previous market cycles.
Also, a potential for further divestment pressure by this group is noticeable, should the BTC price appreciate. LTHs are likely waiting for higher prices.
Bitcoin Returns to the $60K Level
At the time of writing on Wednesday morning (UTC), BTC has climbed above $60,000 again.
Over the past day, it appreciated 2.6% to $60,795.
Source: coingecko.com
In the past seven days, the coin’s price increased by 6.9%, while it’s down 3.1% in a month.
Overall, BTC is up 107% in a year.
As noted above, it saw its last all-time high of $73,737 in March this year, falling 17.5% since.