As bitcoin
continues a now multi-week consolidation just below its all-time high of $112,000, an interesting accumulation phenomenon is occurring.
Both short-term and long-term holders have been increasing their stacks as distinct cohorts, which is unusual because these groups typically act in opposite directions, according to Glassnode data.
The chart below from Glassnode illustrates the 155-day threshold used to classify coins as belonging to Long-Term Holders (LTH) or Short-Term Holders (STH).
Since June 22, the LTH supply has increased by 13,000 BTC, returning to an all-time high of 14,713,345 BTC. Meanwhile, over the same period, STHs have grown their BTC supply by more than 60,000 BTC and now hold over 2.3 million BTC.
According to Glassnode data, LTH and STH cohorts usually diverge because LTHs often sell into bull market strength, while STHs tend to buy amid market greed and euphoria.
This alignment suggests that both groups of market participants are expecting higher prices. If both cohorts continue increasing their supply, there is a strong possibility that all-time highs will be surpassed.