Bitcoin ownership is shifting in 2026 from short-term individual investors to long-term holders and institutions. Over the past 30 days, short-term holders reduced holdings by about 290,000 BTC, while long-term holders, exchange-traded funds and structured strategies absorbed more than 370,000 BTC. Coins dormant for more than 155 days rose sharply, and institutions also took in most newly mined supply. ETF inflows continued even during extreme fear readings, while exchange reserves fell.

Bitcoin’s bull score reached its highest level in six months as the price climbed to $78,000, pushing CryptoQuant’s indicator into the neutral zone. CryptoQuant contributor Julio Moreno said this was the first time the index hit 50 in the current bear market, signaling easing downward pressure, but he warned it should not be read as a trend reversal. He pointed to March 2022, when the score briefly turned neutral before prices fell again. The market is watching April’s monthly close, range breakout and further score gains.