Bitcoin Long-Term Holder Supply Hits Record as Oil Prices Weigh on Price

Bitcoin's long-term holder supply has reached an all-time high, according to CoinGlass data. Despite the price pullback from its one-month high, investors are accumulating at record levels. This trend is evident even as short-term price action remains choppy.

Crypto analyst Ali Martinez flagged $69,340 as a crucial level for future price movements. He noted that every rebound since November has been rejected at the Short-Term Holder Realized Price, the average cost basis of addresses holding BTC for less than 155 days. With Bitcoin currently trading near $66,000, this level poses a significant challenge to bulls.

The recent influx into U.S. spot Bitcoin ETFs has added $203.1 million over six consecutive sessions, totaling around $930 million since April, according to SoSoValue data. However, year-to-date net flows remain down by $4.84 billion.