Bitcoin has been trading in an "accumulation zone" between $24,756 and $31,818 since March 2023. During this time, short-term holders have sold their positions while long-term holders have increased their share of Bitcoin's limited supply. According to a Glassnode chart shared by Will Clemente, three out of every four Bitcoins in circulation are now held by long-term holders, which is the highest percentage ever recorded. Long-term holders are defined as crypto wallet addresses that have held Bitcoin UTXOs for longer than 155 days and are less likely to spend their coins. As the demand for BTC increases and fewer investors are willing to sell their coins, the price of Bitcoin has risen to over $27,000.
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