Glassnode's analysis shows that the sell pressure on Bitcoin has significantly decreased, with long-term investors holding onto their BTC for longer periods. The "Value Days Destroyed (VDD) Multiple" metric has cooled down, indicating a shift back to accumulation mode. Long-term holders are waiting for higher prices before selling, resulting in a lack of supply and potential demand bids.
Long-Term Holders of Bitcoin Tighten Their Grip Awaiting the Next Bull Run
May 07, 2024