Bitcoin's Price Stability Hinges on Spot Demand Amid Rising Long-Term Holder Activity

Bitcoin has maintained its position near $78,000, despite an increase in activity among long-held coins. The price remains above its nearest daily support of approximately $75,870.

The 30-day sum of long-term-holder distribution rose by 61.5% between August 18 and August 28, according to CryptoQuant, indicating that some holders took advantage of the recent rally from around $64,000 towards $80,000.

However, spot-demand growth has turned negative for two consecutive sessions, while perpetual-futures demand growth remains positive. The latter points to stronger growth in derivatives positioning than direct coin purchases.