Bitcoin (BTC) has now risen by 3% since the beginning of May, after getting 14% gain in April.

Inflow in BTC stock-transmitted funds (ETFs) has accelerated over the past two weeks, while consistently Bitcoin state coupling continues to support the market.

From an on-chain perspective, Glassnode data shows that both short-lived holders (sths) and long-term owners (LTHS) have increased their supply possession, LTHS since the beginning of March, while SCS has begun to gather over the past week.

Glassnode defines LTHs as investors who have been holding BTC for 155 days or more, while SCS has had for less than 155 days. In their latest weekly report, Glassnode notes that LTHS has increased their inventory by over 250,000 BTC since the beginning of March, taking the cohort’s total supply to over 14 million BTC.

“This suggests that a degree of confidence has returned and the accumulation pressure outweighs the propensity of investors to use and de-risk,” according to Glassnode.

While SHHS often acts as opposed to LTHS, they have also shown signs of renewed accumulation and added over 25,000 BTC in the last week. This marks a reversal from the net distribution of more than 200,000 BTC, which began in February 2025, coinciding with the start of Bitcoin’s 30% outbreak.

With BTC, which is currently flirting with the $ 97,000 level, this broad-based accumulation indicates a restoration of confidence across investor coating. However, Glassnode also identifies a greater $ 99,900 resistance level, where long-term holders can begin to realize the profits when they begin to have a +350% unrealized profit margin, according to Glassnode data.

“As such, we can predict an uptick in the sale of the sales side as the market approaches this zone, making it an area that is likely to require considerable demand on the purchase side to absorb distribution and maintain momentum upwards.”

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