The leading cryptocurrency Bitcoin has been on a downward trend since March, when it renewed its ATH.

BTC, which has been going through a turbulent period since March, fell to $ 49,500 last week as a result of the widespread correction in global financial markets spreading to the cryptocurrency market.

While the market continues to digest Bitcoin's sharp decline, which fell to $ 49,000 last week, Bitcoin's price performance in recent weeks seems to have changed investors' behavior.

Investors Started Accumulating Bitcoin (BTC) Again!

At this point, Glassnode said that BTC investors who have been selling for months have started accumulating Bitcoin again.

In a blog post published yesterday, Glassnode stated that after the recent sales, investors switched to HODL (long-term holding) and accumulation trends.

According to the data, Glassnode pointed out that the accumulation trend is strong among long-term investors (LTH), and said that LTHs have accumulated a total of 374 thousand BTC in the last three months.

“According to the data, 45% of Bitcoin supply has not moved in 6 months. After months of relatively intense selling pressure, Bitcoin investors’ behavior seems to have shifted towards HODLing and accumulation.

Overall, on-chain data indicates that Bitcoin holders have a strong belief in the bullish outlook.

The fact that the long-term investor group continues to HODL and accumulate indicates that they expect higher prices. In addition, the absence of panic selling among this group highlights the durability of their overall belief.”

Analysts added that although the selling pressure on Bitcoin price and the market has decreased, this pressure has not yet completely disappeared.