Long-Term Holders Buy BTC as ETF Outflows Persist and Price Tops $61K

Bitcoin has climbed back above $61,000, with on-chain analytics firms Glassnode and Bitfinex both identifying a pattern of sustained accumulation by long-term holders even as exchange-traded fund outflows continue to weigh on the market.

According to data cited by Glassnode, long-term holders — typically defined as wallets that have held Bitcoin for at least 155 days — have been steadily increasing their positions during the recent price dip. The accumulation trend is occurring beneath what analysts describe as persistent selling pressure from spot Bitcoin ETF products, which have recorded consistent net outflows over the observed period.

Bitfinex analysts echoed the findings, noting that the divergence between ETF-driven outflows and long-term holder behavior signals a structural shift in who is absorbing available supply. While short-term market participants and institutional ETF flows have been net sellers, a cohort of more conviction-driven investors appears to be quietly building exposure.

The $61,000 level represents a key psychological and technical threshold for Bitcoin. The asset had previously struggled to maintain footing above this price, making the latest rebound notable in the context of broader market conditions. No specific catalyst for the immediate price recovery was identified by either firm; instead, both pointed to the underlying accumulation dynamic as a potential stabilizing force.

ETF outflows have been a recurring concern for Bitcoin market observers since the initial wave of enthusiasm following the approval of spot Bitcoin ETFs in the United States earlier in 2024. While inflows were significant in the early weeks post-launch, more recent data has shown periods of sustained net redemptions, adding downward pressure to spot prices.

Glassnode's on-chain metrics indicate that the supply held by long-term holders has been rising, a pattern historically associated with reduced sell-side pressure over the medium term. Analysts from both firms stopped short of making directional price predictions, limiting their commentary to the observable accumulation behavior and its potential implications for market structure.

The interplay between ETF product flows and native on-chain holder behavior is increasingly being watched as a dual indicator of Bitcoin market health. As institutional vehicles introduce new dynamics to price discovery, the actions of long-term on-chain participants remain a closely tracked counterweight in assessing underlying demand conditions.