Bitcoin Investors Accumulate Sats Amid Price Stability Above $60,000: Glassnode

Glassnode reported in a recent blog post that despite Bitcoin’s drop to $49,000 last week, there are indications that users are starting to accumulate Bitcoin. August presented challenges for Bitcoin due to geopolitical tensions, U.S. recession fears, uncertainty surrounding the Japanese yen, and a general risk-off sentiment at the month’s start.

QCP Capital mentioned in an investor note that investors are cautious ahead of the US CPI release this week, closely monitoring inflation data for hints on potential Fed rate cuts in September. The odds are evenly split between a 50 or 25 basis point cut.

While broader market tensions have eased, with major indices seeing gains, Bitcoin and crypto prices remain subdued. Bitcoin is currently up 1.6% at just over $60,600, showing a 37% increase year-to-date but a decline of about 18% from its March all-time high of $73,000.

Last week’s market activity caused ripples after Japan’s decision to end its zero-interest-rate policy. However, Bitcoin holders have been accumulating the cryptocurrency. Glassnode’s Accumulation Trend Score, which assesses gradual asset acquisition by users, hit a high value above 1 in the past month, indicating significant activity.

Long-term holders, who had sold heavily during March’s price peak, are now increasing their Bitcoin holdings. Over the last three months, more than 374,000 BTC have shifted to long-term holding status, suggesting a stronger inclination among investors to hold rather than spend their coins.

Despite recent selling pressure, Bitcoin’s price remains above the average purchase price for most active investors, indicating a critical threshold that separates bullish from bearish sentiment. This level of support demonstrates underlying strength and investor optimism regarding Bitcoin’s short- to medium-term outlook.