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Bitcoin’s long-term holders have returned to accumulation, a shift that Binance says may mark an early turning point in the current market cycle after a prolonged drawdown. In its April 6 market report, the exchange highlighted changes in investor behavior that suggest experienced holders are increasingly adding exposure rather than distributing coins.
Binance CEO Richard Teng reinforced the trend in a post on X on April 7, stating: “Since mid-February, BTC long-term holders have been back in accumulation mode.” The observation points to a phase in which seasoned investors steadily increase holdings, a pattern Binance says has historically appeared during early stages of market recovery before broader bullish momentum develops.
Binance’s report links long-term holder behavior to bitcoin’s supply conditions and cycle development. It noted that historically, “LTH supply contraction following market peaks— as seen in December 2023 and October 2024—signals early bull market dynamics driven by profit-taking.”
By contrast, the current cycle described by Binance shows long-term holders expanding positions even after a significant correction. The implication is that more bitcoin is being held rather than redistributed across the market.
The report also references Binance’s actions involving its SAFU reserves. Binance has completed a $1 billion shift of its SAFU reserves into bitcoin, consolidating 15,000 BTC in the process. Binance framed this alongside renewed institutional demand through spot bitcoin exchange-traded funds.
Binance said these developments “together, these suggest a market reset which paves the foundation for a new accumulation cycle.” It added that continued accumulation by long-term participants can contribute to a gradual tightening of available supply, while demand—particularly from spot bitcoin ETFs—helps support a developing bull phase by reducing selling pressure.

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