Long-term holders are accumulating again, both retail investors and whales are picking up chips. After this correction, shouldn't it take off?

Wu Says: Glassnode stated in its latest weekly report that after BTC fell below $60,000, it is still in a correction phase. Ongoing outflows from spot ETFs and rising defensive positioning in the options market continue to weigh on sentiment. However, on-chain data shows that long-term holders have started to shift back to accumulation, and multiple wallet cohorts have begun absorbing supply—among which the accumulation trend is strongest for groups holding <1 BTC and 100–1000 BTC. Glassnode said that currently about 10.83 million BTC are in a loss state, higher than the 9.22 million BTC still in profit, indicating that market pressure remains high, but supply is gradually moving toward more patient capital. Glassnode believes BTC is transitioning from a distribution phase to an accumulation phase, but ETF fund flows, leveraged longs, and implied volatility suggest the market may still experience further volatility.