Investors are showing confidence. Over the last week, more than 30,072,999,692,998,94 was purchased for over $3.13 billion. This has led to the net position on exchanges reaching its lowest level in four months. Thus, more coins are being withdrawn from exchanges than deposited, which is a classic sign of accumulation.

The fear of missing out on profits is pushing Bitcoin holders to accumulate quickly. As Bitcoin approaches its record highs, long-term investors seem to be increasing their positions, anticipating a new breakout.

Although accumulation remains strong, the macro trend presents a mixed picture. The Liveliness indicator, a key on-chain indicator, has shown a noticeable spike since early May. It is currently at a multi-week high, indicating that long-term holders are beginning to liquidate their assets.

An increase in Liveliness typically indicates that previously inactive coins are starting to move again. This often signals that early investors are taking profits, which could create additional selling pressure in the market.

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