Key Points
- 25% of the total Bitcoin supply was bought at prices ranging between $58,000 and $73,000.
- BTC accumulation is back in the market, ATS metric reveals.
According to the latest reports from CryptoQuant author, 25% of the total Bitcoin supply was bought at higher prices between 2021 and 2024.
In a new post on X today, Axel Adler, points out that $300 billion, or a quarter of the coin's total market cap, entered the Bitcoin market at prices between $58,000 and $73,000.
Now, according to recent reports coming from Glassnode accumulation is back in the market again at prices near $58,000.
In a post on X on August 15, they revealed that an important Bitcoin metric shows that the market is shifting back to buying.
Bitcoin ATS Reaches Maximum Value
Glassnode revealed that the Bitcoin Accumulation Trend Score reached its maximum value of 1.0 which signals significant accumulation over the the past month.
This shift reflects sustained investor confidence and strategic buying.
This is an important metric that's worth keeping an eye on, as it could signal potential bullish movements in the near future.
2024 has seen increased institutional adoption of Bitcoin especially since the launch of Bitcoin ETFs which brought exposure to the digital asset among important financial entities. As an example, just recently, Morgan Stanley and Goldman Sachs, among others, disclosed important investments in Bitcoin ETFs.
CryptoQuant's author also mentioned another metric that highlights more stable asset retention.
Drop in Demand for Bitcoin STHs
Adler noted in another post on X on August 15 that the good news is that during this bull cycle, the drop in demand for BTC among short-term holders has significantly decreased by more than six times.
This means that weak hands are currently not interested in purchasing BTC which, according to Adler indicates a more stable asset retention.
Regarding Bitcoin's price today, at the moment of writing this article, BTC is trading above $58,000. BTC's price bounced back following a drop below the $57,000 level on August 15.
