On-chain metrics reflect growing investor confidence, particularly from long-term holders. Over 66,000 BTC, valued at more than $7.2 billion, were withdrawn from exchanges in May alone, signaling a shift toward cold storage and long-term conviction.
Further supporting this trend, the total long-term holder supply surged by 1.39 million BTC between March and late May, now standing at over 15.7 million BTC. Meanwhile, addresses holding more than 1 BTC increased by 7%, reflecting a deeper engagement from retail investors.
This persistent accumulation is helping to reduce the available supply and dampen short-term selling pressure.
