On the demand side, long-term holders (LTH, users who’ve held on to BTC for more than 155 days) still had strong convictions in the asset.
Between April and July, this investor cohort increased its BTC holdings by over 1 million BTC. Now they hold 15.4 million BTC from 14.25 million BTC in April.
Besides, the 30-day net LTH holding change has remained positive despite a slight decline. This conviction and accumulation coincided with a 46% recovery for BTC from April lows.
Earlier in the year, LTH net change flipped negative and coincided with the local peak and subsequent 30% pullback from $109K to $75K.
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