Richard Teng, CEO of Binance, taken by X (formerly Twitter) indicates that the institution is currently in accumulation mode.
The chart provided by Teng shows the historical relationship between BTC price (black line) and Long Term Holder (LTH) supply (yellow line).
Historically, these two indicators share an interesting, almost inverse relationship during major market cycles. This is highlighted with a red shaded zone and a dashed arrow pointing down.
During large explosive price increases, the yellow LTH supply line will drop sharply. From late 2025 to early 2026, the Bitcoin price experienced intense volatility and a macro correction towards the $65,000 to $70,000 range, depleting the supply of long-term holders.
Reversal of “super bullish”
After a long period of declining distribution and supply indicators, the yellow LTH line officially bottomed out in mid-February 2026. Since then, it has formed a sharp and decisive rising hook.
This data proves that Bitcoin veterans have stopped selling despite the recent sideways price decline and macroeconomic uncertainty.
This return to “accumulation mode” is a very bullish fundamental signal.
institutional accumulation
Bitcoin is currently trading within a narrow “negative gamma pocket” between $65,000 and $70,000, according to recent data from blockchain analytics firm Glassnode.
The relatively thin support level below the current price movement means this asset is vulnerable to rapid downside growth if bullish momentum weakens.
But traditional finance seems completely unfazed by this disruption of short-term options. In fact, financial institutions are using this chop as an aggressive buying opportunity.
The Spot Bitcoin ETF recorded an impressive net inflow of $471.3 million on April 6, according to market tracking account Unfold.
