Bitfinex said long-term Bitcoin holders have continued to post net accumulation even after BTC fell from $82,000 to below $58,000. The firm said the pace of buying has slowed as selling pressure has also eased. Net accumulation by long-term holders was about 40,000 BTC in late May, but had fallen to roughly 14,000 BTC by late July. In Bitfinex’s view, current market conditions point more to stabilization than to the start of a meaningful recovery. The comment highlights a market that is no longer facing the same level of distribution pressure, while also showing that conviction buying has become less aggressive than it was earlier in the period.
Bitfinex said long-term Bitcoin holders have continued to accumulate on a net basis even though BTC at one point fell from $82,000 to below $58,000.
According to the firm, the pace of that accumulation has slowed noticeably as selling pressure has eased at the same time. Net accumulation by long-term holders was about 40,000 BTC in late May, but dropped to roughly 14,000 BTC by late July.
Bitfinex said the market now appears to be in a stabilization phase rather than the beginning of a substantive recovery.
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