Glassnode 1 Million BTC Added to Bitcoin Holdings by ShortTerm Holders

Glassnode data reveals that short-term holders of Bitcoin (BTC) are increasingly optimistic about the future, with their holdings growing by one million.
While the direction of the market is often influenced by long-term and large holders, the actions of short-term holders can have a significant impact on the immediate price movement of BTC.
BTC has been demonstrating impressive resilience as it approaches its all-time high. Recent data from Glassnode suggests that short-term holders are playing a crucial role in driving up BTC prices. According to Glassnode, short-term holders have significantly increased their BTC holdings, rising from 2.2 million BTC in January to over 3.4 million BTC by mid-April. This represents an addition of around one million BTC in just six months.
This increase in holdings indicates a bullish sentiment towards BTC, as short-term investors play a key role in shaping the short-term price trends of the digital asset. It is not surprising to see short-term holders taking a bullish stance before a potential bull run, signaling an uptick in market engagement and potentially attracting new investors. Notably, the short-term holders include US spot Bitcoin ETF wallets, which have contributed significantly to the impressive growth in holdings.
Historically, the engagement of these holders has led to increased volatility, as many choose to capitalize on profits when BTC prices surge towards new all-time highs.
This emerging trend is expected to impact other market participants, starting with long-term and institutional/large holders. The positive outlook of short-term holders serves as a foundation for the overall bullish sentiment in the market.
For newcomers who entered the market through the launch of Bitcoin spot ETFs, this trend could encourage continued accumulation. While ETF wallets are currently classified as short-term holders, starting from June 15, the BTC acquired by ETFs will be reclassified as long-term holdings. This shift in classification could provide valuable insights into investor behavior and interest.
As of the latest update, BTC is trading at $71,200 following a 5.5% surge in the past week. At this price level, the digital asset is just 3% away from its all-time high of $73,730 reached in March.
With the influence of ETFs, long-term holders, short-term holders, and the network growth driven by the recent halving, experts maintain their confidence in BTC reaching $100,000 by the end of the year. Furthermore, investor optimism is fueled by expectations of potential rate cuts following the Federal Reserve meeting next week.
Looking ahead, the upcoming U.S. elections could also play a crucial role in determining the price of the asset. Presidential candidate Donald Trump has expressed support for Bitcoin and the crypto industry, hinting at a positive regulatory environment that could boost industry growth and token prices.
In conclusion, the bullish sentiment among short-term holders, coupled with ongoing market dynamics, paints a promising picture for the future of Bitcoin.