Bitget Research: Long-term BTC holders purchased over 180,000 BTC during the recent market pullback, potentially setting the stage for a major future uptrend

Bitget Research pointed out in its latest report that after BTC price rebounded and recovered half of the recent decline, it fell again over the weekend. In the five working days last week, there were two days of net inflows and three days of net outflows for BTC spot ETFs, with a lack of overall market hotspots.

ETH on-chain gas fell below 1 gwei. Bitget Research pointed out that "on one hand, this reflects the current poor overall activity on ETH chain. On the other hand, according to historical data, multiple ice points of gas fee coincide with mid-term price lows. Although the decrease in gas is related to Dencun's upgrade introducing blob-based transactions, but also shows a noticeable drop in ETH chain activity."

"Although there is a possibility for another dip in the market, there are two pieces of data worth noting for long-term holders: (1) The reserves at centralized exchanges have fallen to their lowest level since November 19th 2018; (2) Long-term holders bought more than 180k BTC during recent market pullbacks. This could potentially set up future major uptrends."