Bitcoin selling pressure has dropped by 20% in the past week, while Ethereum selling pressure has declined by 15%. This drop suggests crypto investors may be getting more confident in the market and are starting to accumulate BTC and ETH. If the trend continues, it could lead to a bull market in the cryptocurrency market.
Amid this trend, the bitcoin supply last active in the past ten years has hit an all-time high value. These metrics suggest a notable decrease in selling pressure across the market and a looming accumulation pattern.
Glassnode, a renowned on-chain analytics resource, shared crucial insights into these trends in a series of tweets today, providing valuable information about investor sentiment and market dynamics.
The data reveals that BTC saw a net outflow of $397.9 million during the past week. This indicates that more bitcoin left exchanges than entered them, reflecting a reduction in selling pressure.
A net outflow suggests that investors withdraw their BTC from exchanges, potentially moving their holdings into secure wallets for long-term storage. This trend may signify a growing confidence in bitcoin’s stability and long-term value.
Similarly, ethereum experienced a net outflow of around $1.1 billion in the past week, indicating a larger reduction in selling pressure than bitcoin. This suggests a more robust reduction in selling pressure.
As with BTC, the massive outflow of ETH from exchanges might indicate an increasing inclination towards holding the asset for long-term purposes, such as staking or participating in decentralized finance (DeFi) projects.
However, contrasting the outflows of bitcoin and ethereum, USDT demonstrated a net inflow of $318.1 million. This signals an increase in demand for USDT during the observed period.
An increase in stablecoin reserves on exchanges typically demonstrates a looming accumulation pattern. Notably, this metric suggests that investors’ buying power has increased as market participants prepare to procure more risk assets such as BTC and ETH.
BTC long-term holders unfazed by market volatility
In addition, Glassnode disclosed in a separate tweet that the amount of bitcoin supply last active in the past ten years recently hit an all-time high value of 2.85 million BTC. This represents 0.55% of the total BTC circulating supply.
The growing number of BTC held for a decade or more showcases the confidence of early adopters in bitcoin’s ability to store value over the long run. This recent all-time high comes despite recent market volatility.
Notably, BTC plummeted to a low of $24,800 on June 15, representing its lowest value in three months. The asset immediately recovered, closing the day above the $25,000 price territory. A subsequent 2.92% close on June 16 saw bitcoin reclaim the $26,000 zone.
Despite the shenanigans of the bears, BTC has managed to retain a value above $26,000, currently trading for $26,392. The asset has gained by 1.92% in the last seven days. Meanwhile, ETH is changing hands at $1,722, down 1.73% over the past week.
