Bitcoin Long-Term Holders Fuel Bullish Sentiment with Record Accumulation

Bitcoin long-term holders (LTHs) have been accumulating BTC at an unprecedented rate, reaching a record of 1.29 million BTC on May 24, surpassing the previous high set in August 2017.

CryptoQuant analyst Burakkesmeci notes that this trend suggests 'smart money' is confident about Bitcoin's future despite recent price weakness.

The indicator tracks whether LTHs are adding to or reducing their BTC positions. A green reading signals accumulation, while a red reading indicates distribution.

After the record accumulation, Bitcoin rebounded by 15%, rising from $58,000 to $66,000 and pushing the cryptocurrency close to the Short-Term Holder Realized Price (STH RP) of around $68,000.

Burakkesmeci cautions that this indicator alone does not confirm a new bull market but describes it as a strong bullish signal. A breakout above $68,000 during the third quarter could strengthen Bitcoin's short-term outlook.