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Buyers with strong conviction in Bitcoin’s upside and a tendency to hold for the long term now account for more than 20% of BTC supply, a level above past cycles, according to on-chain analytics firm Glassnode.
Glassnode added these holders have steadily accumulated Bitcoin since January, and said this long-term holder accumulation trend was also seen during the 2022 bear market. The firm had previously said market bottoms form when profit-taking by holders slows and conviction-driven buyers step in, adding that the same pattern appeared during the 2022 bear market.