Bitcoin Accumulation Rises as Price Nears $99K Resistance, Driven by Long-Term Holders

Bitcoin (BTC) has seen over 250,000 BTC added by long-term holders since March 2025, with institutional ETFs, corporate treasuries, and retail investors contributing to this accumulation. BTC is trading near $97,000, up 3% in May and 14% in April, with a $99,900 resistance level posing a challenge. Institutional inflows are led by BlackRock's iShares Bitcoin Trust, while corporate treasuries like MicroStrategy have significantly increased holdings. This trend reflects a shift in market sentiment, with Bitcoin becoming a key asset in diversified portfolios amid macroeconomic factors like inflation and low Treasury yields.

Institutional Inflows: ETFs Lead the Charge

The iShares Bitcoin Trust (IBIT), BlackRock’s flagship spot Bitcoin ETF, has emerged as a dominant force in institutional accumulation. As of May 6, IBIT recorded its 16th consecutive day of inflows, adding 280 BTC (approximately $36 million) in a single day. Since April 9, the fund has attracted around $4.7 billion in net inflows, with no recorded outflows during this period. This performance places IBIT among the top five ETFs by inflows in the U.S., trailing only the Vanguard S&P 500 ETF in recent rankings.

BlackRock has also increased its direct stake in IBIT by 124% since November, now holding $314 million worth of shares. The fund’s total assets under management have surpassed $58 billion, reflecting sustained institutional interest in Bitcoin as a long-term asset class.

While IBIT continues to attract capital, other U.S. spot Bitcoin ETFs have seen mixed results. On May 6, aggregate outflows across all Bitcoin ETFs totaled $86.4 million, largely due to a $90 million withdrawal from Grayscale’s GBTC. This divergence highlights IBIT’s growing dominance in the ETF landscape.

Corporate Treasuries Expand Bitcoin Holdings

Beyond ETFs, corporate treasuries have significantly increased their Bitcoin exposure in recent months. MicroStrategy remains the largest corporate holder, with a combined purchase of 326,705 BTC valued at over $232 billion between April and May. Other notable buyers include:

• GameStop: 15,745 BTC (~$1.48 billion)
• Semler Scientific: 5,485 BTC (~$5.16 billion)
• 21 Capital: 42,000 BTC (~$3.6 billion)
• Metaplanet: 5,475 BTC (~$5.15 billion)

These acquisitions reflect a broader trend of companies integrating Bitcoin into their balance sheets as a hedge against inflation and a strategic reserve asset. The move is also driven by macroeconomic factors, including a 3.5% U.S. CPI inflation rate and a persistently low 10-year Treasury yield of 2.5%, which have diminished the appeal of traditional cash holdings.

On-Chain Data: Long-Term and Short-Term Holders Accumulate

According to Glassnode, long-term holders (LTHs)—defined as entities holding BTC for more than 155 days—have added over 250,000 BTC since early March, bringing their total holdings above 14 million BTC. This accumulation trend signals a return of investor confidence following a 30% market drawdown earlier in the year.

Short-term holders (STHs), who typically hold BTC for less than 155 days, have also reversed their previous selling behavior. After distributing over 200,000 BTC between February and April, STHs have added more than 25,000 BTC in the past week alone. This synchronized accumulation across both cohorts is rare and suggests a broad-based conviction in Bitcoin’s medium-term value proposition.

Price Action and Resistance Levels

Bitcoin’s price has climbed steadily, reaching $96,933 on May 7, up 3% month-to-date and 14% in April. Despite this momentum, the $99,900 level has emerged as a key resistance point. Glassnode data indicates that many long-term holders are approaching a +350% unrealized profit margin at this level, historically a trigger for profit-taking.

This resistance zone is expected to test the strength of current buy-side demand. If accumulation continues at the current pace, it may absorb potential sell-side pressure. However, the market’s ability to sustain upward momentum will depend on continued inflows from institutional and retail investors alike.

Broader Market Context

The accumulation trend is unfolding against a backdrop of increasing institutional acceptance of Bitcoin. Several Wall Street firms, including Morgan Stanley, have launched dedicated crypto investment divisions. Sovereign wealth funds, such as Abu Dhabi’s ADQ, have also increased their exposure by investing in Bitcoin-heavy firms like MicroStrategy.

Meanwhile, U.S. states are beginning to explore Bitcoin as a strategic reserve asset. New Hampshire recently became the first state to pass legislation supporting a Bitcoin reserve policy, signaling a potential shift in public sector engagement with digital assets.

Total Accumulation Since March

Combining on-chain data and institutional disclosures, over 250,000 BTC have been added by long-term holders since March. Short-term holders have contributed an additional 25,000 BTC in the past week. ETF inflows, led by IBIT, have added approximately $4.7 billion in capital, translating to tens of thousands of BTC depending on acquisition prices. Corporate treasuries have collectively acquired over 395,000 BTC during the same period.

While these figures overlap across categories, the cumulative effect underscores a significant net increase in Bitcoin holdings across investor types. This accumulation has occurred despite price volatility and macroeconomic uncertainty, suggesting a structural shift in how Bitcoin is perceived within diversified portfolios.

References

• Bitcoin ETF Boom: BlackRock's IBIT on 16-Day Winning Streak as BTC Surges - CoinCentral
• BlackRock Bitcoin ETF Stake, BTC Price Stuck Below $100K
• Bitcoin Accumulation Strengthens as BTC Approaches Key Resistance - 8V Crypto Academy
• Bitcoin Buying Frenzy of One Trillion: Global Giants Rush to Join, Cryptocurrency Assets to See "Enterprise-Grade Bull Market" in 2025
• Crypto Challenges and Opportunities Amid Macro Noise