Over 300,000 Bitcoin have quietly moved into long-term holder wallets in the past 30 days — a shift that analysts say reflects growing conviction among serious investors even as broader market mood remains fragile.
Sentiment Index Climbs To Highest Point Since JanuaryBitcoin supply is moving into stronger hands.
Over the last 30 days: • Long Term Holder Supply: +303K BTC • ETF Netflows: +16.8K BTC • Strategy: +53.0K BTC
The index score of 46 sits just below the neutral threshold of 50. Getting there matters, but the market still has ground to cover.
Futures Market Leads The PushSpot demand — buying on actual exchanges rather than through derivatives — has been contracting, albeit slowly. CryptoQuant flagged that a price correction could follow if traders begin taking profits while spot interest remains weak.
Speculative rally: The recent Bitcoin price increase is completely driven by demand in the perpetual futures market. Meanwhile, spot demand is still contracting (although at a slower pace).
The same happened on January, when Bitcoin peaked at $98K.
Perp-driven moves without matching spot activity have historically been short-lived, and that pattern is worth watching here.
Reports from CryptoQuant indicate the broader supply shift points to coins moving from short-term to long-term holders — a sign, analysts say, that the asset is finding a more stable base of ownership.
One notable gap in the recovery is retail participation. Bitwise chief investment officer Matt Hougan has said publicly that everyday traders have not returned to the market at the same volumes seen in previous cycles.
That matters because the Fear & Greed Index draws heavily from retail-driven data points — Google search volume and social media activity related to crypto. Without a pickup in those signals, the index faces a ceiling.
Featured image from Shutterstock, chart from TradingView
