Glassnode: The behavior of BTC holders seems to be returning to holding and hoarding patterns

The encrypted data analysis platform, Glassnode, stated that "After experiencing several months of relatively heavy selling pressure, the behavior of Bitcoin holders seems to be returning to a pattern of holding (HODLing) and hoarding. The activity in the spot market indicates a recent significant bias towards selling pressure, which has not yet fully subsided. Compared with past cycles' historical high points breakthroughs, there is currently a relatively larger proportion of network wealth held by long-term holders. Overall, on-chain conditions show a tone of strong belief within the group of Bitcoin holders.

As the market begins to gradually recover from last week's sell-off, there is clear uncertainty and indecision among digital asset investors. However, when analyzing investors' on-chain reactions to these volatile market conditions, HODLing trends begin to emerge. Since Bitcoin prices hit an all-time high in March this year , the market has gone through an extensive supply distribution period with wallets of various sizes participating. In recent weeks this trend shows early signs of reversal especially for large-scale wallets related to ETFs; these large wallets seem to be returning back into hoarding state.

The Accumulation Trend Score (ATS) indicator assesses changes in weighted balances in the market. This indicator also suggests that the market is shifting towards accumulation-dominated behavior. The aforementioned shift towards accumulation led ATS recording its highest possible value 1.0 indicating significant accumulation behavior over the past month . Despite difficult and highly volatile market conditions , long-term bitcoin investors remain steadfastly confident and evidence suggests they are increasing their hoarding activities . Compared with previous cycle highs , these investors hold a higher proportion of bitcoin network wealth suggesting patience as they wait for higher prices .

Furthermore during this cycle despite experiencing maximum price drops these investors did not panic sell highlighting their overall resilience."