On May 7, glassnode data showed that both short-term holders (STH) and long-term holders (LTH) are accumulating BTC. Among them, LTH has been continuously accumulating since early March, while STH also started accumulating in the past week. glassnode defines LTH as investors holding BTC for more than 155 days, and STH as investors holding for less than 155 days. According to their latest weekly report, LTH has accumulated over 250,000 BTC since early March, pushing the group's total holdings to over 14 million BTC.
"This indicates that market confidence is recovering, and accumulation momentum has surpassed investors' tendency to sell for risk aversion," glassnode analysis pointed out.
Although STH usually operate in opposition to LTH, they have also accumulated over 25,000 BTC in the past week, marking a reversal of the net selling trend of over 200,000 BTC since February 2025—a selling cycle that coincided with the starting point of Bitcoin's 30% pullback. Currently hovering around $97,000, this market-wide accumulation phenomenon suggests that investor confidence is being restored. However, glassnode also noted significant resistance at $99,900, with on-chain data indicating potential profit-taking when LTH's unrealized profits reach 350%. "Therefore, it can be anticipated that selling pressure will intensify as prices approach this area, and strong buying is needed to absorb the selling pressure and maintain upward momentum."
