Summary
- Bitcoin long-term holder wallets now hold more than 4.37 million BTC, while network activity indicators are signaling a bull phase.
- Inflows to centralized exchanges and high-frequency activity addresses have fallen to 300,000 BTC to 350,000 BTC, easing liquid supply and short-term selling pressure.
- The network has been reshaped around long-term holders, while active address momentum has fallen to -0.25, showing the characteristics of an accumulation phase amid the absence of short-term participants.
Forecast Trend Report by Period
Bitcoin may be entering another bullish phase as long-term holders continue to accumulate across the network.
Cointelegraph reported on April 7 that wallets held by long-term Bitcoin investors now contain more than 4.37 million BTC, while network activity indicators are also flashing a bull phase.
Data from on-chain analytics platform CryptoQuant show that Bitcoin balances held by accumulation-oriented addresses rose steadily from about 2 million BTC at the start of 2024 to 4.37 million BTC in the first quarter of 2026. The increase suggests market supply is continuing to be absorbed by long-term holder wallets.
Addresses linked to retail investors accumulated about 857,000 BTC, while pattern-based wallets that buy Bitcoin at regular intervals grew to 1.29 million BTC. The trend persisted in the first quarter of 2026 even as Bitcoin remained capped below $70,000.
By contrast, inflows into centralized exchanges and high-frequency activity addresses slowed. During the rally from 2023 to 2024, those inflows ranged from 1.2 million BTC to 1.5 million BTC. More recently, they fell to 300,000 BTC to 350,000 BTC.
That points to a shift in coin distribution away from short-term trading and toward long-term holding. As the amount of Bitcoin available on exchanges declines, liquid supply is shrinking and near-term selling pressure is easing.
Network activity data also support that change. Bitcoin’s network activity index rose from 3,320 on March 22 to 3,600, entering a bullish zone for the first time since April 2025.
The index also moved above its 365-day moving average for the first time since December 2024.
Short-term participation metrics, however, remain weak. Active address momentum fell to -0.25 as of April 6, the lowest level since April 2018. That suggests growth in network participation is slowing.
Crypto analyst Gaah said the current drop in activity reflects the absence of short-term participants, or so-called tourists.
The network has been reshaped around long-term holders, a pattern typically seen during an accumulation phase, he added.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
