Long-term bitcoin holders are beginning to reaccumulate for the first time since December 2023, according to data from Glassnode. This marks a significant shift after several months of selling.

A report from market intelligence firm Glassnode reveals that Bitcoin, while residing just shy of its all-time high, is consolidating as long-term holders start to reaccumulate coins. This renewed accumulation suggests a change in sentiment among these investors, who had previously been reducing their holdings.

The report highlights that spending pressure from long-term holders has significantly cooled in the past week. Investors are now returning to accumulation patterns, indicating that increased volatility may be required to prompt any new wave of sell-offs.

Glassnode's analysis points to several market indicators suggesting a resurgence in buy-side demand. Notably, U.S.-based spot bitcoin ETFs experienced a net inflow of $242 million per day last week. This is substantial when compared to the natural daily sell pressure by miners, which has been around $32 million per day since the recent halving. "ETF buy pressure is almost eight times larger than the daily sell pressure by miners, highlighting the significant impact of ETF inflows," the analysts noted.

Moreover, Glassnode observed that bitcoin's price action over the past three months has been relatively muted compared to previous bull cycles. In this period, bitcoin has recorded weekly, monthly, and quarterly gains of over 3.3%, 7.4%, and 25.6%, respectively, on only five out of the last 90 days. This contrasts with prior cycles where such gains were observed between 18 and 26 days, indicating a more measured market compared to historical bull runs.

In the past 24 hours, Bitcoin's price has decreased by 0.71%, trading at $67,610 as of 5:39 a.m. ET, according to The Block’s Price Page. Meanwhile, the GM 30 Index, which tracks the top 30 cryptocurrencies, increased by 0.55% to 144.92 in the same period.

The recent data from Glassnode underscores a potential shift in market dynamics, with long-term holders beginning to reaccumulate and significant buy-side pressure from ETFs. These factors could contribute to a more stable and potentially bullish outlook for bitcoin in the coming months.