Bitcoin Down, Right Time For Whales For Nyerok BTC

The crypto whales accumulated Bitcoin. (Photo; Doc. Pixabay)

JAKARTA - Amid the uncertainty of the crypto market, long-term Bitcoin holders are back to accumulating BTC. The latest data from blockchain analytic platform Glassnode reveals that in recent months, there has been a significant spike in Bitcoin accumulation by long-term holders. This not only marks a new trend in the market, but also shows the fundamental power of Bitcoin itself.

According to the latest analysis from Glassnode, Bitcoin holders in the long term are the addresses that have kept Bitcoin for at least 155 days that have accumulated more than 22 billion US dollars (Rp352 trillion) in the last three months.

This amount is equivalent to more than 374,000 BTC which has changed its status to the holder of the long term. This surge in accumulation indicates that investors are starting to adopt the "HODL" (OLD On for Dear Life) strategy again, namely holding back their Bitcoins in the hope of a significant price increase in the future.

Glassnode also noted that the important metric, namely Accumulation Trend Score (ATS), shows a change in market behavior towards a more dominant accumulation. The ATS value reached a maximum figure of 1.0 in the past month, indicating that there was significant accumulation across the market.

This condition further strengthens the belief that the trend of Bitcoin accumulation by long-term holders is not a temporary phenomenon, but a sign of the basic strength that is growing in the Bitcoin market.

In addition, the data also hints that although the current market condition is full of challenges, long-term holders remain consistent in their confidence in Bitcoin potential.

There are no signs of panic sales amid the biggest price drop in this cycle, which shows investor levels of resilience and patience are quite high. In fact, a large amount of Bitcoin's network wealth is now in the hands of this group of investors, signaling the potential to reach new all-time highs (ATH) in the future.

At the time of writing, the price of Bitcoin was at 58,979 US dollars (Rp943,664,000), down nearly 3% in the last 24 hours. However, with the continued accumulation increasing among long-term holders, there is hope that Bitcoin will strengthen again and possibly surpass the previous ATH.