Bitcoin wallets absorb 4.37M BTC as network activity flips to 'bull phase’

💡 DMK Insight

Bitcoin’s long-term holder supply just crossed 4 million BTC, and that’s a big deal for traders right now. When long-term investors accumulate, it often signals confidence in the asset’s future, which can lead to upward price momentum. Coupled with the network activity index indicating a ‘bull phase,’ this could suggest that we’re entering a strong bullish trend. Traders should keep an eye on the 72,000 level as a potential breakout point; if BTC can hold above this, we might see further gains. However, if it retraces below this level, it could trigger profit-taking and a pullback. But here’s the flip side: while the bullish signals are strong, the market can be fickle. If broader economic indicators shift negatively—like rising interest rates or regulatory news—this could dampen enthusiasm quickly. So, monitor not just BTC but also correlated assets like Ethereum, which often follows Bitcoin’s lead. Watch for any shifts in trading volume or sentiment that could indicate a change in momentum.