Bitcoin has climbed back above $61,000, with on-chain analytics firm Glassnode and exchange Bitfinex pointing to sustained accumulation by long-term holders as a key driver. The rebound comes even as spot Bitcoin exchange-traded funds continue to register steady outflows, suggesting a divergence between institutional ETF flows and the behavior of conviction-driven investors. According to the analysts, long-term holders appear to be quietly building positions beneath the surface, absorbing supply that is being sold through ETF products. This dynamic points to a structural shift in market ownership, with coins moving toward wallets that historically hold through volatility. The report frames the accumulation as a potentially stabilizing force for price, though persistent ETF selling remains a headwind. Observers will watch whether long-term holder demand can continue to offset institutional outflows in the weeks ahead.
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