Bitcoin Enters an Accumulation Phase

🟨Fresh data on Bitcoin’s realized cost basis suggests that holders with 3–6 month positions have begun accumulating — a group that often shapes mid-cycle trends. These investors typically step in during drawdowns, helping stabilize volatility and forming local support zones near their cost levels.

🟨Analysts observe cautious optimism among mid-term holders: on-chain activity is rising, but market structure remains incomplete. This pattern implies that investors don’t yet see current prices as a definitive bottom — many expect one final wave of capitulation and heightened fear before building full-scale positions.