Glassnode analysts have said that while Terra's collapse resulted in some long-term Bitcoin investors suffering losses, many hodlers took advantage of the crypto's price drop below $30,000 to build positions.
For the first time since the summer of 2020, the company's experts have recorded signs of hodlers surrendering. In the bear markets of 2015, 2020 and the 2018 correction, this event marked the subsequent reversal of negative momentum.
Unlike similar situations in the past, the current wave of decline has not led to an influx of new users: the number of active addresses has remained unchanged.
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The Accumulation Trend Score indicator has interrupted the wave of accumulation and periodic coin distribution observed from January to April, reflecting uncertainty and capital turnover. Over the past 1.5 weeks, the metric has indicated the dominance of buying by existing investors.
As a result, the actions of long-term investors have become a key factor in the market.
According to Glassnode, there is going to be an all-time high update in the number of coins held by hodlers "in the coming months."