Bitcoin's rise above $70,000 is a less noticeable change at the bottom of the market: more and more bitcoins are falling into the hands of long-term investors who have always hesitated to sell. According to data compiled by Compass Point, long-term holders currently control 83% of Bitcoin chips, the highest share since December 2023. Compared to when it was close to the high point, the distribution of chips is also less concentrated in the high price area. Currently, only 14% of the Bitcoin held by investors after purchase is over 100,000 US dollars, down from 30% in October last year; another 19% has an acquisition cost of between 60,000 and 70,000 US dollars. Compass Point said that about 19% of the cost of Bitcoin chips fell between 60,000 and 70,000 US dollars. When past bear markets bottomed out, chips in a similar price range accounted for about 15%. Compass's Ed Engel and Michael Donovan wrote, “Every indicator we're tracking indicates that Bitcoin is in the final stages of the cryptocurrency winter,” adding that once it breaks above $70,000, short-term traders can get rid of losses and turn into profits, which in turn may create enough upward momentum to challenge the average holding cost of $76,000 in the previous cycle.

Bitcoin's rise above $70,000 is a less noticeable change at the bottom of the market: more and more bitcoins are falling into the hands of long-term investors who have always hesitated to sell. According to data compiled by Compass Point, long-term holders currently control 83% of Bitcoin chips, the highest share since December 2023. Compared to when it was close to the high point, the distribution of chips is also less concentrated in the high price area. Currently, only 14% of the Bitcoin held by investors after purchase is over 100,000 US dollars, down from 30% in October last year; another 19% has an acquisition cost of between 60,000 and 70,000 US dollars. Compass Point said that about 19% of the cost of Bitcoin chips fell between 60,000 and 70,000 US dollars. When past bear markets bottomed out, chips in a similar price range accounted for about 15%. Compass's Ed Engel and Michael Donovan wrote, “Every indicator we're tracking indicates that Bitcoin is in the final stages of the cryptocurrency winter,” adding that once it breaks above $70,000, short-term traders can get rid of losses and turn into profits, which in turn may create enough upward momentum to challenge the average holding cost of $76,000 in the previous cycle.