Top Highlights

• While the market continues to digest Bitcoin’s descent to $49,000 last week, signs that users are beginning to build up their Bitcoin are emerging, Glassnode said in a blog post on Tuesday.
• Bitcoin has faced several headwinds in August including geopolitical tensions in the Middle East, recessionary fears in the U.S., uncertainty around the Japanese yen, and a general risk-off mood felt most sharply at the beginning of the month.
• Last week’s activity sent shockwaves across all markets following Japan’s decision to end its effectively zero-interest-rate regime. Bitcoin holders, meanwhile, have been accumulating
• Over the last three months, more than 374,000 BTC have transitioned into long-term holding status.
• “From this, we can infer that the propensity for investors to hold onto their coins is now a larger force relative to their spending pressures,” Glassnode said.

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