New data suggests that Bitcoin is moving closer to a bull market phase as its supply slowly shifts back into long-term, retail-investor-linked wallets.
The accumulation trend has surpassed 4 million BTC in Q1 2026, with balances held by accumulating address cohorts continuing to rise. This shift indicates a tightening of the liquid supply and a reduction in short-term trading turnover.
CryptoQuant data shows that the total BTC held by these cohorts has crossed 4.37 million as of April 7, up from about 2 million BTC in early 2024.
This growth occurred while the price remained capped below $70,000 throughout the first quarter of 2026.