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Bitcoin reclaimed the $61,000 level as on-chain analytics firms Glassnode and Bitfinex flagged a divergence between two distinct investor classes: long-term holders quietly adding to positions while spot exchange-traded fund flows remained in persistent outflow territory.
The rebound surfaces a tension that has defined recent $BTC price action — steady institutional-product selling offset by what both firms characterized as accumulation beneath the surface.
What the On-Chain Data Shows Glassnode and Bitfinex both identified long-term holder behavior as the mechanism driving the price recovery.
In on-chain analysis, long-term holders are wallets that have not moved coins for an extended period — typically defined as addresses holding for more than 155 days — and their accumulation is generally read as a signal of conviction rather than speculative positioning.
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