New data from on-chain analytics points to Bitcoin entering a potential bull phase. The supply held by long-term, accumulating wallets has surged past 4.37 million BTC, more than doubling since early 2024, signaling sustained absorption. Simultaneously, the Bitcoin network activity index has risen to levels last seen in April 2025, while exchange inflows have slowed, indicating a tightening of liquid supply.
Data shows that balances held by accumulating address cohorts continued to rise into the first quarter of 2026. The total Bitcoin held by these cohorts has crossed 4.37 million BTC as of April 7, up from about 2 million BTC in early 2024.
Retail-investor-linked accumulation addresses added roughly 857,000 BTC. The accumulating pattern wallets, defined as addresses that steadily add BTC at recurring intervals with minimal outflows, expanded to 1.29 million BTC.
This growth occurred while the price remained capped below $70,000. In contrast, inflows from centralized exchanges and highly active addresses have slowed to an average of 300,000 to 350,000 BTC.
The divergence shows a shift in coin distribution toward long-term wallets. This indicates a tightening of the liquid supply and a reduction in short-term trading turnover.
The Bitcoin network activity index has climbed to 3,600 from 3,320 on March 22. The index aggregates broader usage signals, including transaction counts and network throughput.
It has moved above its 365-day moving average for the first time since December 2024. It entered the “bull-phase” classification for the first time since April 2025.
In parallel, Bitcoin’s active addresses momentum dropped to -0.25 on April 6, the lowest reading since April 2018. The metric tracks the rate of change in active addresses, with negative values pointing to declining user participation.
According to crypto analyst Gaah, the drop in activity signals the absence of short-term participants, or “tourists.” The network usage is now dominated by long-term holders focused on accumulation.
Historically, low readings have aligned with profitable accumulation phases. The reduced activity often coincides with lower sell pressure as the coins move into long-term wallets.
