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A new wave of data from on-chain analytics platform CryptoQuant reveals a pivotal trend reversal in the Bitcoin market. According to analyst IT Tech, long-term holders—those who have kept their BTC for more than 155 days—have resumed accumulation for the first time in months, signaling a potential bottoming-out phase.
This behavior marks a shift in investor psychology and could have major implications for future price action.
Bitcoin Smart Wallet Smart Money Is Accumulating Again
On April 22, 2025, IT Tech published an analysis noting that net position change for long-term Bitcoin holders has turned positive—a clear sign that strategic investors are re-entering the market. These holders typically avoid reacting to short-term volatility and instead focus on macro trends and multi-year investment horizons.
The data also shows that this group had been in a distribution phase toward the end of the previous year, following a significant accumulation wave during the summer. The return to accumulation is seen as a foundational shift that could support broader bullish momentum in the coming weeks.
Short-Term Holders Still Fueling Selling Pressure
While long-term investors are doubling down on their positions, short-term holders—those who acquired BTC within the last 155 days—continue to sell. IT Tech notes that their net position change remains negative, indicating that fear and uncertainty are still present among newer participants.
This trend is often observed near market bottoms, as inexperienced investors panic-sell while seasoned holders take advantage of the discounted prices. Turkish NY Radio observes that this divergence between cohorts highlights the importance of analyzing behavioral trends alongside technical charts.
Investor Behavior: A Leading Indicator?
The concept of “Realized Price” is central to this analysis. By measuring the average acquisition cost of various investor groups, analysts can better understand psychological support and resistance levels. Long-term holders turning net positive is often viewed as a leading indicator of macro market strength.
It also reflects increased conviction in Bitcoin’s long-term value proposition—especially in a time of economic instability and heightened demand for non-sovereign stores of value.
Bitcoin Smart Wallet Source:
CryptoQuant.com – On-Chain Bitcoin Metrics
IT Tech via CryptoQuant, April 22, 2025
