According to Glassnode, a group of buyers who have accumulated from the bottom has collected about 300,000 BTC from the market. This is especially important as short-term buyers exceed the number of Bitcoins held by long-term investors for the first time in more than two years.
It has been reported that a large amount of this accumulation phase has occurred since the fall wave after the collapse of the Terra ecosystem in May. On the other hand, the Glassnode report revealed that after the record level in November 2021, the long-term investor supply decreased by 300 thousand BTC to 13.27 - 13.56 million BTC. This amount was taken by short-term Bitcoin investors.
Based on these results, Glassnode claimed that the capitulation phase in the crypto market was completed with short-term investors buying. In the report, the short-term investor profile is expressed as wallets holding BTC for 154 days or less, while the long-term investor is considered to be wallets holding BTC for 155 days or more.
On the other hand, Glassnode pointed out that while short-term investor sentiment generally tends to buy at peak prices in bull markets and sell at lower prices, the situation in recent months shows that this trend has reversed. In the last case, there is a significant amount of Bitcoin obtained at low cost in the portfolio of short-term investors.
Glassnode explained in its report that Bitcoin often finds itself in distribution or accumulation cycles. The former is seen as the period in which investors are encouraged to make profits as a bull market feature, while the latter is generally regarded as the cycle that takes place in bear markets. As of now, the current sentiment metric is more than 1 year of active supply, just below the previous high marked 65% in May. According to the analyst firm, this highlights the buyer sentiment in the May - July 2021 period after the massive miner migration and can be considered a positive structure in this bear market.