Bitcoin long-term holders have demonstrated significant accumulation activity, with supply reaching 15.26 million BTC, marking the highest level since August 2025. According to reports from BlockBeats, on-chain analyst Darkfost posted on May 17 that the amount of Bitcoin held by long-term holders has continued to rise, reaching this significant milestone. These wallets absorbed 316,000 BTC over the past 30 days, representing a stark reversal from late November when long-term holders shed approximately 650,000 BTC during the same period. As reported by CryptoQuant analyst Darkfost, this accumulation pattern indicates renewed confidence among investors who first purchased near the cycle peak six months ago. The current surge in holders now controls approximately 15.26 million BTC, accounting for about 77% of Bitcoin's total circulating supply, representing a significant shift in market dynamics.
Current market conditions show stabilizing exchange flows, with the gap between inflows and outflows narrowing for six consecutive sessions. According to Coin Bureau analysis, stable flows, falling exchange reserves, and whale scarcity patterns often cluster around major Bitcoin bottoms since 2019. Bitcoin currently trades near $78,047, down 0.17% in the last 24 hours, as reported by Coin Bureau. The research firm notes these technical indicators typically signal accumulation phases in the cryptocurrency market. From a technical perspective, Bitcoin is trading below its 60-day moving average of $78,047 and below its 200-day long-term moving average of $84,920, with key resistance at $87,361.575 and strong support at $75,241.807.
Markets are focusing on the Federal Reserve's FOMC minutes release on May 20 from Jerome Powell's final meeting as Chair. As reported by Yardeni Research, the committee held its target range at 3.50% to 3.75%, marking the third straight pause, with four officials dissenting - the largest split since 1992. Powell's term as Chair ended May 15, with Kevin Warsh confirmed as his successor in a 54-45 Senate vote. The minutes will likely shape risk appetite through summer, as traders parse for shifts in inflation tolerance and forward guidance that could influence Bitcoin price action.
Additional supply dynamics include 800,000 BTC transferred from Coinbase last year crossing the six-month threshold on May 23, which will formally enter the long-term holder bucket. According to CryptoQuant analyst Darkfost, this aging effect could amplify on-chain supply readings later this month. The convergence of long-term holder accumulation, stabilizing exchange flows, and upcoming Federal Reserve policy signals creates a complex environment for Bitcoin price movements as markets navigate the transition from Powell's leadership to Kevin Warsh's tenure. Technical analysis shows Bitcoin exhibiting a Buy technical sentiment with 5 out of 7 indicators flashing buy signals, while the Relative Strength Index (RSI) stands at neutral conditions.
