Accumulation Mode? Bitcoin Holders Quietly Amass 4.37M BTC As Bull Signal Emerges
Bitcoin’s active address momentum has sunk to its weakest point since April 2018, even as a separate index tracking overall network health has crossed into what analysts call a bull phase for the first time in roughly a year. That shift is tightening the available supply. When fewer coins sit on exchanges ready to be sold, the liquid supply shrinks, and the market becomes more sensitive to any uptick in demand. The CryptoQuant Bitcoin network activity index climbed to 3,600 from 3,320 on March 22. The index pulls together transaction counts and broader throughput signals into a single reading. It crossed above its 365-day moving average for the first time since December 2024, a level CryptoQuant associates with a bull phase — the first such signal since April 2025.Network Activity Index Crosses A Key Threshold
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The split between the two metrics tells an unusual story. One index is flashing positive. The other is at an eight-year low. Reports suggest the current phase is being pushed along by accumulation rather than by widespread network use or new participants entering the market.
Bitcoin was trading at $72,045 at the time of publication, up nearly 5% on the day.
Featured image from Meta, chart from TradingView
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