Bitcoin is poised to break through its historic high, with long-term holders beginning to accumulate the cryptocurrency again for the first time since December 2023. According to market intelligence firm Glassnode, the selling pressure of long-term holders has significantly cooled down, and investors have returned to the accumulation mode. This shift indicates that volatility is a necessary condition for triggering a new round of selling.

The report highlights market indicators showing that buyer demand is rebounding. For instance, last week, the US-based spot Bitcoin ETF had a net inflow of $242 million per day, a significant increase in buying pressure. The analyst noted that considering the selling pressure of $32 million naturally generated by miners every day since the halving, the buying pressure of the ETF is almost eight times that, highlighting the size and scale of the ETF's influence.

Glassnode's data also reveals that the price trend of Bitcoin in the past three months has been more moderate than the previous bull market cycle. In the past three months, Bitcoin has only recorded weekly, monthly, and quarterly increases of more than 3.3%, 7.4%, and 25.6% on five days in the past 90 days. This moderation in price trend suggests that the market is consolidating, preparing for a potential breakout.

The accumulation of long-term holders and the rebounding buyer demand are key indicators that Bitcoin is on the verge of a new round of growth. As volatility increases, the market is likely to see a significant shift in the price trend, potentially leading to a new historic high. The influence of the ETF on the market is significant, and its buying pressure is likely to play a crucial role in driving the price of Bitcoin higher.