Recent movements in Bitcoin holder cohorts indicate a shift in market sentiment as traders adjust to the upcoming BTC halving cycle. Long-term holders, defined as those holding for three to five years, have begun accumulating BTC again, adding approximately 363,000 BTC since mid-February. Meanwhile, Bitcoin whales—addresses holding over 1,000 BTC—are also showing signs of accumulation, particularly mega-whales holding more than 10,000 BTC who are buying from smaller retail holders. This shift from retail to large holders could signal potential future price support. Conversely, short-term holders have maintained historically low spending levels, with a risk of selling during further price declines. The market sentiment remains in the fear territory, influenced by macroeconomic factors like the trade war, with potential for a return to neutral sentiment in the coming months. Understanding these cycles can help traders make informed decisions as human psychology often lends predictability to market behavior.

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