Bitcoin’s price dropped as the rate of accumulation across all cohorts slowed down, causing concern among holders and traders. Addresses were largely unprofitable and had low incentives to sell their holdings. Accumulation for BTC has been declining, with smaller investors leading the effort. This trend began in May, coinciding with a local price bottom for Bitcoin. Over the past 30 days, all cohorts combined added roughly 10,000 Bitcoin to their holdings, compared to the 19,000 new Bitcoins created in the same period. The decline in accumulation may result in price declines or stagnation. Holders are likely to wait for their BTC to turn profitable before selling. The Long/Short ratio for BTC has fallen significantly, indicating a shift in behavior among holders. Short-term holders may panic sell during market uncertainty, adding to selling pressure. At the time of writing, BTC was trading at $61,533.04, with a 1.50% price decrease in the last 24 hours and a 1.77% decline in trading volume.