Long-term Bitcoin holders are reaccumulating for the first time since December 2023, following several months of selling, according to recent data from market intelligence firm Glassnode.

"Residing just shy of its all-time high, Bitcoin continues to consolidate, with long-term holders beginning to reaccumulate coins for the first time since December 2023," Glassnode reported today. The firm noted a significant cooling off in spending pressure from long-term holders over the past week, with investors shifting back to accumulation patterns. This shift suggests that substantial market volatility is needed to trigger a new wave of sell-offs.

Glassnode's report highlighted market indicators pointing to a resurgence of buy-side demand. One striking example is the net inflow of $242 million per day into U.S.-based spot Bitcoin ETFs last week. "Considering the natural daily sell pressure by miners since the halving of $32 million per day, ETF buy pressure is almost eight times larger, which highlights the size and scale of the ETF impact," the analysts elaborated.

Additionally, Glassnode observed that Bitcoin's price action over the past three months has been more subdued compared to previous bull cycles. Specifically, 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. "In prior cycles, this count reached between 18 and 26 days, which suggests the current market may be somewhat more measured relative to historical bull markets," the analysts added.

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

The reaccumulation by long-term holders, combined with substantial ETF inflows, indicates a robust underlying demand that could stabilize and potentially drive Bitcoin's price higher in the long term. This dynamic, along with a more measured market behavior, may signify a maturation of the Bitcoin market, setting the stage for sustained growth.