Bitcoin Surges 3% in May, Driven by ETF Inflows and Treasury Accumulation

Bitcoin (BTC) has seen a 3% increase since the start of May, following a 14% gain in April. This upward trend is supported by accelerated inflows into BTC exchange-traded funds (ETFs) over the past two weeks, coupled with consistent bitcoin treasury accumulation.

From an on-chain perspective, data from Glassnode indicates that both short-term holders (STHs) and long-term holders (LTHs) have been increasing their supply holdings. LTHs, defined as investors who have held BTC for 155 days or more, have been accumulating since early March, adding over 250,000 BTC to their holdings. This brings the total supply held by LTHs to over 14 million BTC. This trend suggests a return of confidence among investors and indicates that accumulation pressures are outweighing the propensity for investors to spend and de-risk.

STHs, who have held BTC for less than 155 days, have also shown signs of renewed accumulation, adding over 25,000 BTC in the past week. This marks a reversal from the net distribution of more than 200,000 BTC that began in February 2025, coinciding with the onset of bitcoin’s 30% drawdown. This broad-based accumulation indicates a restoration of confidence across investor cohorts.

However, Glassnode identifies a major resistance level at $99,900, where long-term holders may begin to realize profits when they start to hold a +350% unrealized profit margin. As such, we can anticipate an uptick in sell-side pressure as the market approaches this zone, making it an area that will likely require substantial buy-side demand to absorb the distribution and sustain upwards momentum.