I just noticed an interesting detail in the on-chain data—long-term Bitcoin holders are accumulating strongly during this correction. Specifically, according to CryptoQuant, the long-term holders (LTH) have bought 212,000 BTC in just the past 30 days, equivalent to about $14–16 billion. This happened when Bitcoin’s price briefly hit $60,000 and retail traders were panicking.

The interesting part here is the divergence between smart money and retail. While small investors are liquidating, Bitcoin ETF funds have bought $1.5 billion over the past few trading days. Yesterday, one fund recorded an inflow of $458 million—a fairly high figure for this quarter. Even 17 of the 25 largest Bitcoin ETF investors have increased their positions from the peak in October.

Usually, when whales start accumulating like this, buying pressure rises and the price could reverse. But of course, the market always has other variables. In any case, judging by the actions of long-term holders, they clearly view the current price as an opportunity—not the peak of a bubble.