Bitcoin has achieved a notable milestone of 15.8 million long-term holders, as reported by XWIN Research Japan. This record comes during a bearish phase for the cryptocurrency, which has seen its value decline by 9% since peaking at around $82,000 on May 6. Analysts emphasize that an increase in long-term holders, defined as those holding Bitcoin for over 155 days, typically signals long-term market confidence. However, the current rise in long-term holders could indicate a lack of demand to stimulate a price increase, especially given the recent downturn in the market. XWIN data reveals that the growth of whale investors and dolphins has stalled, suggesting Bitcoin may be in a period of demand recovery until investor flows and market participation improve. Currently, Bitcoin trades at around $74,000, having experienced declines of 3.45% weekly and 3.95% monthly, with analysts projecting future prices to vary widely throughout June.
