Bitcoin Holders Are Hoarding: Is $200K BTC the New Normal? 🤔💰

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Ah, the long-term holders of Bitcoin (BTC)—those brave souls who cling to their digital gold like a toddler to a favorite stuffed animal. Recent on-chain data, courtesy of our friend Axel Adler Jr. (who I assume is not a character from a soap opera), reveals that these holders are feeling more confident than a cat in a sunbeam. Their spending activity has plummeted to levels not seen since the last time I tried to diet—eight months ago. 🍩

Massive 300,000 BTC Accumulation

In a shocking twist that would make even the most seasoned soap opera writer raise an eyebrow, this group has managed to purchase a staggering 300,000 BTC in just 20 days. Yes, you heard that right—300,000! If only I could accumulate that many pairs of shoes in a month. The chart accompanying this news looks like a rollercoaster ride, with a sharp drop in spending that would make any financial analyst clutch their pearls.

What does this mean? Well, it seems our long-term holders are not just sitting on their hands (or their wallets). Instead of selling, they’re buying more. It’s like watching someone at a buffet who, instead of leaving with a plate of food, decides to go back for seconds—while everyone else is just trying to figure out how to unbutton their pants.

Historically, this kind of behavior has been a precursor to bullish periods in the cryptocurrency market. With fewer BTC available on exchanges, one can only imagine the price skyrocketing like my blood pressure when I see my credit card bill. If demand stays steady or, heaven forbid, increases, we might just see BTC prices soar. 🚀

Now, you might think that some of these holders would cash in their chips as BTC climbs back to its previous peak. But no! This group, seasoned by multiple market cycles, is doubling down on their holdings like a gambler at a blackjack table who just can’t resist the thrill of the game.

With the last BTC halving reducing new supply and existing supply dwindling, we have a recipe for a price increase—if demand holds up. It’s like a game of musical chairs, but instead of chairs, we have Bitcoin, and instead of music, we have the sweet sound of dollar signs. 💵

And let’s not forget the long-term holder cost basis, which acts as a psychological floor. These holders often swoop in to buy when BTC’s price dips near this level, preventing further declines. It’s like a safety net for those who have decided to ride this rollercoaster until the very end.

Bullish BTC Signal Returns

According to the latest gossip from Glassnode, the number of unique BTC addresses is on the rise, indicating that transaction activity and user engagement are hotter than a summer day in the city. 🌞

The 30-day Simple Moving Average (SMA) has risen above the 365-day SMA, peaking in January 2025. Then, like a bad date, it dropped below the longer-term average, suggesting a cool-off period. But fear not! This crossover usually acts as a bullish signal, indicating that short-term momentum is outpacing the long-term average. It’s like watching a sprinter leave a marathon runner in the dust.

In recent weeks, the 30-day average has crossed over the longer-term average again. This new crossover could set the stage for a strong market phase, or at least a very entertaining episode of “As the Bitcoin Turns.”

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2025-05-27 00:33