BTC Bulls Make First Move in 6 Months as Cryptocurrency Market Gains Momentum

• Glassnode analyzed the current state of the cryptocurrency market.
• In its report dated May 28, the on-chain analysis platform focused on the cryptocurrency market.
• According to the shared report, Bitcoin is consolidating near its all-time high (ATH) and long-term investors have started accumulating again for the first time since December 2023.

Review of the current state of the cryptocurrency market based on Glassnode’s analysis.

Bitcoin Consolidation and Long-Term Investor Accumulation

Bitcoin is consolidating near its all-time high, with long-term investors accumulating for the first time since December 2023.

Ethereum Spot ETF Approval Impact

The approval of Ethereum Spot ETFs in the US led to a 20% increase in the price of ETH. The demand for Bitcoin ETFs is rising again, with spot ETFs playing a significant role in creating buying pressure.

Market Recovery Signals

With long-term investors resuming their buying activity, the market is showing signs of recovery. While Ethereum’s performance is slower compared to Bitcoin, the newly approved spot ETFs offer potential for further strength in the future.

Conclusion

The recent developments in the cryptocurrency market, including Bitcoin consolidation and Ethereum Spot ETF approvals, indicate a potential for market recovery and future growth.