Bitcoin long-term holders have been retaining profits despite BTC prices falling to a four-month low of $76,600. This behavior indicates a strong belief among holders that a bull market rally may resume, according to a Glassnode report. Long-term holder activity has decreased, reflecting less sell-side pressure. The Binary Spending Indicator shows a reduction in significant spending among long-term holders, suggesting an inclination to hold rather than sell. Meanwhile, new Bitcoin whales, which are addresses holding at least 1,000 BTC, have been actively accumulating, reflecting strong conviction in Bitcoin's long-term potential. These whales have collectively acquired over 1 million BTC since November 2024, indicating increased participation from institutional or high-net-worth investors. Although some analysts view recent price drops as a typical market correction, opinions vary, with some predicting a sustained bearish trend. Overall, the data points towards a changing market dynamic as long-term holders and new investors navigate the current landscape.

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