Bitcoin Price Breaks 31-Month Stagnation Pattern
The Bitcoin price has been stuck in a sideways trend since June, but recent data suggests it may be on the cusp of a major rally. Long-term holders are once again showing signs of accumulation, with their total holdings reaching nearly 16 million BTC, the highest level on record.
This cycle has taken significantly longer than previous ones, stretching to 31 months compared to 8 months in 2013, 17 months in 2017, and 16 months in 2021. Analysts attribute this delay to the launch of US spot Bitcoin ETFs and continued buying from institutional investors and new whales.
ETF inflows have been a major driver of this trend, with $211.49 million pouring into U.S. spot Bitcoin ETFs on August 4. BlackRock's iShares Bitcoin Trust (IBIT) led the gains, now holding $51.579 billion worth of BTC.
However, another indicator suggests caution is still warranted. Binance's whale inflow ratio has climbed to 0.52, its highest reading in four months, but this metric has historically been a sign of selling pressure rather than a market top.