- Bitcoin is showing strong signs of accumulation by long-term holders despite recent macroeconomic challenges and short-term fatigue, indicating confidence in higher prices ahead.
- On-chain metrics suggest reduced profit-taking and a healthy market, pointing toward the likelihood of new all-time highs in the near future.
Bitcoin Inches Toward ATH, But What Lies Beyond?
Bitcoin [BTC] is once again within striking distance of its all-time high (ATH), trading just 3% below its peak. Yet despite this proximity, the crypto giant appears to be taking a breather. With macroeconomic pressure from the U.S.—especially the latest CPI inflation news and a confirmed 0% chance of a Fed rate cut next week—the market’s bullish energy has slightly dimmed. However, key on-chain indicators reveal a different, more optimistic story for long-term investors.
Whales Stay Calm While Profit-Taking Slows
According to a post from CryptoQuant analyst Crypto Dan, Bitcoin Net Realized Profit and Loss metric remains notably restrained compared to the aggressive sell-offs seen in November–December 2024. This reduced profit-taking hints at bullish whale expectations, signaling confidence that BTC has room to run much higher this cycle. The absence of widespread euphoria—usually a sign of market tops—adds to the bullish sentiment.
Signs of Accumulation Despite Short-Term Fatigue
Bitcoin’s recent dip to $105,000 may have spooked some traders, but the broader network behavior tells a different story. The 365-day Mean Coin Age (MCA), which reflects long-term holder activity, has resumed its upward trend—implying accumulation. Even as BTC approaches its ATH again, the MCA increase shows that investors aren’t rushing to exit but are instead doubling down.
Further supporting this is the 7-day moving average (7DMA) of the age consumed metric. While a sharp spike occurred on June 2nd, indicating temporary selling, the days that followed saw relative quiet—suggesting the sell pressure has abated and accumulation is back on track.
Not Euphoria—Yet
Despite looming macroeconomic uncertainty, BTC fundamentals remain strong. Long-term holders are staying the course, accumulation is rising, and market-wide profit-taking hasn’t yet peaked. While the rally has paused, it’s far from over. If these trends continue, a fresh all-time high—and possibly much more—may be just around the corner.
