Bitcoin traded around $61,750 on Wednesday as two major on-chain analysis firms detected a divergence in investor behavior: long-term holders were buying while spot ETF shareholders were leaving.
According to analysis from Glassnode and Bitfinex, the on-chain signal from long-term accumulation suggests confidence deeper in the market, even though the highest-volume funding vehicle for retail Bitcoin exposure—spot ETFs—has experienced steady outflows. The tension is notable because these two groups typically move in sync during bull runs.
ETF selling is not unusual in Bitcoin cycles. Institutions and retail traders rotate capital or lock in gains. But when it occurs alongside rising long-term holder accumulation, it can indicate a floor forming beneath the price, particularly if the holders adding to positions are moving coins into cold storage or long-term vaults rather than trading them.
Glassnode's metrics track realized prices, loss/gain distributions, and on-chain transaction patterns to infer holder behavior. Bitfinex publishes similar cohort data. Neither firm disclosed specific accumulation figures or timeframe in the headline reporting, so the magnitude of this shift remains unclear from public statements alone.
The $61,000 level has held as a temporary floor in recent weeks. Long-term holders—defined as addresses holding Bitcoin for more than 155 days—represent the deepest-pocketed cohort in the market and tend to weather volatility better than short-term traders.