Bitcoin investors continue to accumulate, price remains stable.

Recently, while the price of Bitcoin (BTC) has been following a calm trend in the markets, on-chain data shows that long-term investors are not inclined to sell. Despite significant fluctuations in the cryptocurrency market over the past weeks, the data indicates that there is no strong selling pressure. This situation is supported by the VDD Multiple metric, which tracks the spending ratios of coins that have been held on the Bitcoin network for a long time.

Value Days Destroyed (VDD) measures the time period during which Bitcoins are held before being spent; transferring coins that have been inactive for a long time results in an increase in this indicator. This activity is generally observed during periods when long-term investors start selling, whereas the current data for the VDD Multiple reveals that this indicator continues to remain in a low band. This situation indicates that investors are not spending their Bitcoins and that there is no significant distribution pressure entering the market.

According to historical data, periods when the VDD Multiple rises usually coincide with profit-taking following sharp price rallies. The current situation suggests that the Bitcoin market has entered an accumulation phase, digesting previous price increases. The fact that long-term investors are remaining on the sidelines indicates that the risks of sudden and sharp sell-offs in the market are limited. Such periods are often noted as times when the market seeks direction and establishes balance before larger price movements.

In conclusion, the calm outlook in the VDD Multiple is significant as it indicates that the structure in the Bitcoin market has not deteriorated and reflects low selling pressure. This situation suggests that the Bitcoin price is moving on a healthier foundation and highlights a period that should be closely monitored by investors.