Bitcoin is in the middle of accumulation, on-chain data shows

In recent developments, multiple indicators by Glassnode suggest that bitcoin (BTC) is currently in an accumulation phase. Several on-chain data points have reached all-time highs (ATH), indicating increased interest and long-term holding among the investors.

This metric measures the percentage of the total bitcoin supply that has not been moved for at least five years. The recent ATH of 28.513% implies that over a quarter of all circulating bitcoins have been held for over five years.

This trend may suggest that many long-term investors are holding onto their assets, confident in the future growth of bitcoin.

In addition, the number of unique wallet addresses holding a minimum of 0.01 bitcoin has reached an ATH of 11,784,039. This indicates an increase in the number of small-scale investors and users participating in the market, which may contribute to the overall stability and growth of the bitcoin ecosystem.