Glassnode: High-conviction buyers keep accumulating BTC since January, supply share above last cycle

The signal here is about holder composition rather than price: supply is shifting toward cohorts that have historically behaved as long-term holders, and that share now sits above the prior cycle's peak. That matters because it suggests the marginal seller base has thinned, which can amplify moves in either direction rather than guaranteeing one. The open question is whether this accumulation persists through the next bout of volatility, or whether it is simply patience that has not yet been tested.