Bitcoin HODLers Reclaim Confidence Amid $3.4B On-Chain Surge

Bitcoin long-term holders (LTHs) recorded a significant on-chain inflow of 29,685 BTC in a single day, valued at approximately $3.4 billion, marking the second-largest daily accumulation of the year. This event highlights a renewed interest among HODLers to consolidate their positions amid a period of heightened volatility in the cryptocurrency market. The accumulation primarily occurred through over-the-counter (OTC) transactions, indicating a preference for large-scale, less visible transfers.

This surge in inflow follows a notable outflow event in early September when LTHs spent 97,000 BTC, worth $10.6 billion, the largest daily spending in 2025. At the time, the BTC price had dipped below $108,000, which some analysts interpreted as a sign of uncertainty among holders regarding the continuation of the bull market. However, the recent inflow suggests a shift in sentiment, with investors possibly viewing the price correction as an opportunity to buy back into the market.

The timing of the accumulation also coincides with a broader trend of institutional interest in Bitcoin. The latest data from the U.S. shows that Bitcoin ETFs, including BlackRock’s IBIT, continue to attract record inflows. In fact, the fund recorded a $3.56 billion inflow on May 9 and has now maintained a 19-day inflow streak—the longest in 2025. This trend indicates that institutional investors are increasingly treating Bitcoin as a legitimate asset class, with ETFs acting as a bridge between traditional finance and the crypto market.

From an on-chain perspective, the inflow of 29,685 BTC into accumulation addresses underscores a behavioral shift among LTHs. These investors, defined as those holding Bitcoin for more than 155 days, are typically less sensitive to short-term price fluctuations. Their decision to accumulate suggests a long-term bullish outlook, potentially indicating confidence in the asset’s future value. This behavior is consistent with historical patterns where large inflows have often preceded significant price recoveries.

The recent inflow also aligns with broader macroeconomic and regulatory developments. The approval of spot Bitcoin ETFs in the United States has contributed to a more structured and transparent environment for institutional participation. The Chainalysis 2025 Global Crypto Adoption Index further highlights the growing institutional and retail adoption of cryptocurrencies, particularly in regions such as Asia-Pacific, where on-chain transaction volumes have surged by 69% year-over-year. This growth is attributed to both regulatory clarity and the increasing utility of crypto in remittances and cross-border transactions.

Meanwhile, the recent movements in accumulation addresses and ETF inflows suggest a maturing market where both retail and institutional actors are aligning their strategies around Bitcoin’s long-term potential. As the crypto market continues to integrate with traditional financial systems, such large on-chain inflows are likely to become more frequent indicators of market confidence.