Unprecedented Bitcoin Accumulation Pattern Emerges

Recent blockchain data reveals Bitcoin's long-term investors are acquiring cryptocurrency at record-breaking speeds. According to CryptoQuant's latest metrics, these committed holders added approximately 800,000 BTC to their reserves within a single month — a milestone that has occurred only six times in Bitcoin's 16-year history.

Holder Behavior Signals Market Confidence

The analysis focuses on long-term holders (LTHs), defined as wallets maintaining Bitcoin positions for over 180 days. Glassnode's accompanying research shows these investors currently control coins purchased between $95,000-$107,000, establishing this range as critical support. ——This accumulation pattern historically precedes significant price movements——, with similar surges observed before major rallies in July 2021 and September 2024.

【Key Metric】: The 30-day net position change for LTHs now exceeds 750,000 BTC for only the sixth time, representing 【0.38%】 of Bitcoin's total 21 million supply cap.

Market Structure Hinges on Key Price Levels

While long-term investors demonstrate conviction, short-term traders (STHs) create volatility near current prices. On-chain charts indicate most recent buyers entered between $93,000-$100,000, making this zone crucial for maintaining bullish momentum. Glassnode analysts warn: "A sustained break below $93,000 could trigger cascading sell orders from nervous stakeholders."

Diverging Strategies Between Investor Groups

The data reveals contrasting approaches between Bitcoin's two main participant categories. Long-term adopters continue accumulating despite all-time high prices, while short-term traders frequently transact near the $100,000 psychological barrier. This dichotomy creates what analysts describe as "a tension zone" where market direction gets determined.

Notably, the report highlights that even Bitcoin's earliest miners — often called "Satoshi-era" holders — have largely resisted selling during 2025's price surge, liquidating merely 【150 BTC】 year-to-date.

Technical Outlook and Support Levels

Market technicians identify three crucial thresholds for Bitcoin's near-term trajectory:

• Immediate support: $98,000 (recent test during Wednesday's pullback)
• Critical floor: $93,000 (aggregate STH cost basis)
• Upper resistance: $107,000 (LTH acquisition ceiling)

As of Thursday's London session close, Bitcoin trades at $101,240, having recovered 4.2% from its weekly low. The cryptocurrency maintains a 【$1.98 trillion】 market capitalization, representing 54.3% dominance among digital assets.

——Market participants now watch whether holder accumulation can offset selling pressure at record price levels——, with some analysts suggesting the current pattern resembles early-stage bull market behavior rather than speculative topping action.