Long-term Bitcoin holders have pulled back their spending to a 19-month low, signaling a sharp decline in selling pressure from this historically influential cohort. The metric, which tracks coins that have not moved for at least 155 days, registered its lowest selling activity since January 2023.
According to CoinTelegraph, the drop in old-coin spending coincides with analysis from a halving-cycle model that flags September as a possible new market bottom. The model, which examines past price patterns following Bitcoin's quadrennial reward halving, suggests the current bearish phase may extend for several more months before reversing.
Regulatory shifts remain a key variable for Bitcoin's price trajectory. The SEC's evolving stance on spot Bitcoin ETFs and the CFTC's classification of Bitcoin as a commodity continue to shape institutional demand, though no new enforcement actions or rulings were announced in the source material.
Bitcoin's market cap dominance fluctuated near 52% last week, reflecting its relative strength against altcoins despite a broader crypto market downturn. The asset's 30-day correlation with the S&P 500 stood at 0.15, indicating a decoupling from traditional equities as macro uncertainty drives divergent price action.
Community sentiment on X and Discord shows a split between those interpreting the holder activity as a bullish accumulation signal and skeptics who caution that further macroeconomic headwinds could delay the anticipated recovery.