Terra’s collapse caused some long-term bitcoin investors to take losses, but many hodlers took advantage of the price drop below $30,000 to build positions. These are the conclusions made by Glassnode analysts.

Last week, LTH-SOPR reported an average loss of 27%.

For the first time since the summer of 2020, experts have noted signs of the hodlers surrendering. In the 2015, 2020 bear markets and 2018 correction, this event marked the subsequent reversal of negative momentum.

Unlike similar situations in the past, the current wave of declines did not lead to a new influx of users – the number of active addresses remained stable.

The Accumulation Trend Score indicator reflected the uncertainty and return of capital, interrupting the periodic wave of accumulation and distribution of coins observed from January to April. Over the past 1.5 weeks, the metric has shown the buying dominance of existing investors.

Analysts compared the status of the current market profile as of March 1. They concluded that most “young” coins that have moved in the last three months are insensitive to recent price fluctuations and may fall into the “mature” category.

As a result, the actions of long-term investors have become a key factor in the market.

Glassnode predicted an update “in the coming months” to an all-time high in the number of coins held by hodlers.

The chart below shows a significant “dump” of 1.5 million BTC in the $42,000 to $49,000 range and the transfer of coins to buyers in the $26,000 to $33,000 range.

Sold LFG 80,081 BTC went to private investors and organizations, where holders of wallets with a balance of less than 100 BTC stand out. Their combined positions increased by 80,724 BTC, absorbing the growing supply of the nonprofit behind UST.

Significant accumulation activity was also demonstrated by whales with balances of over 10,000 BTC. During the month of May, they bought 46,269 BTC. This figure includes 80,081 BTC sold by LFG.

“We are closely monitoring the macro environment and are signaling that the link between digital assets and stocks is weakening. Will the correlation increase and how will the market react to monetary tightening? However, the growth in the number of hodlers cannot be impressive”experts concluded.

Recall that JPMorgan analysts called the fair price of bitcoin $38,000.

Guggenheim Partners investment director Scott Minerd and critic of the first cryptocurrency Peter Schiff allowed digital gold prices to drop to $8,000.