Glassnode data shows that new Bitcoin investors, those holding for 24 hours to 3 months, now control 50.2% of the market’s wealth. This figure is below the peak levels observed in previous cycles, specifically 85% in 2018 and 74% in 2021.Notably, this latest figure comes at a time when Bitcoin is experiencing heightened volatility. After surging past $105,000 on Sunday, it declined to a multi-week low of under $98,000 on Monday.On Tuesday, Bitcoin posted a modest recovery, rising 2.02% over the past 24 hours. Despite this short-term gain, the cryptocurrency saw a 1.76% drop over the past week.Room For Bitcoin Accumulation Before Cycle TopsMeanwhile, on-chain data suggested there is still room for further accumulation among new Bitcoin investors. Typically, when investors accumulate, it signals confidence in the asset's future price appreciation. The Realized Cap HODL Waves metric, which visualizes the distribution of Bitcoin’s realized capitalization across different age bands, indicated that the proportion of wealth held by new investors remains relatively low. Data from Glassnode showed that investors holding Bitcoin for 24 hours to three months controlled 50.2% of the market’s wealth. Historically, this figure has spiked during previous market cycle peaks, such as in 2018 and 2021. New investors held approximately 85% and 74% of the wealth during those periods, respectively. Essentially, the current levels suggest Bitcoin has not yet reached an accumulation peak comparable to previous cycles.https://twitter.com/glassnode/status/1884218063391973607 Moreover, a separate analysis also supports the view that Bitcoin still has room for growth before reaching overbought conditions. Specifically, Bitcoin would enter overbought territory or a market top at $181K, requiring an additional nearly 74% rally. New Bitcoin Whale Holdings on the RiseA separate metric suggested that new Bitcoin holders are increasing their market share. A report from CryptoQuant highlighted that the holdings of new Bitcoin whales, defined as entities controlling over 1,000 BTC for less than 155 days, have steadily risen. These large investors tend to be more active in trading and responsive to market conditions.The report noted that as of Monday, January 27, these new whales accounted for 60% of the realized cap of large market participants. This share has grown since July 2024, when Bitcoin traded at around $55,000. At that time, their market share stood at approximately 17%. The rise in whale accumulation suggests that demand among major investors remains strong despite the recent volatility.Key Resistance and Support for BTC Amid Market Uncertainty Meanwhile, an analysis by Ali Martinez indicated that Bitcoin remains in a heated zone but continues to hold structural support levels. According to Martinez, Bitcoin faced rejection at an upper pricing band, shown in red, which stood at $109,400. He noted that failure to break above this level will shift market focus toward the next critical support level.The analysis identified this support currently sits at $91,700, providing a crucial threshold for Bitcoin’s price stability.
