Long-term bitcoin holders are beginning to accumulate again, marking a shift from months of selling, as per Glassnode data. The market intelligence firm's recent report highlights that despite being close to its all-time high, bitcoin is consolidating. Long-term holders are showing a trend of re-accumulating coins, a behavior last observed in December 2023.

The report emphasizes a decrease in spending pressure from long-term holders in the past week, indicating a return to accumulation patterns. This suggests that significant volatility may be necessary to prompt another round of sell-offs.

Furthermore, the report identifies signs of increased demand from buyers. Glassnode cites U.S.-based spot bitcoin ETFs experiencing a daily net inflow of $242 million last week. This influx of ETF buy pressure, nearly eight times larger than the natural daily sell pressure by miners post-halving, underscores the considerable impact of ETFs on the market.

The current bull cycle appears to be more subdued, according to Glassnode's observations over the last three months. Bitcoin has seen weekly, monthly, and quarterly gains exceeding 3.3%, 7.4%, and 25.6%, respectively, on only five of the last 90 days. Comparatively, past cycles saw gains on a significantly higher number of days, indicating a more measured market in the current cycle.

As of now, bitcoin's price has decreased by 0.71% in the past 24 hours, trading at $67,610. The GM 30 Index, representing the top 30 cryptocurrencies, has increased by 0.55% during the same period, reaching 144.92.