Long-Term Bitcoin Holders Unleash Buying Frenzy Amid Market Weakness

According to CryptoQuant analyst Burakkesmeci, Bitcoin long-term holders have been accumulating BTC at the fastest pace in six years. This trend suggests confidence among experienced investors despite recent price weakness.

The LTH Net Position Change, a metric that tracks the 30-day increase or decrease in Bitcoin held by long-term investors, reached 1.29 million BTC on May 24, surpassing the previous record set in August 2017.

Burakkesmeci explained that green readings on this indicator signal accumulation, while red readings indicate distribution. He noted that the latest record green reading suggests 'smart money' accumulated aggressively as Bitcoin approached its realized price during the market downturn.

After the record accumulation, Bitcoin climbed about 15%, rising from roughly $58,000 to $66,000. However, Burakkesmeci cautioned that this indicator alone does not confirm a new bull market.