In 2022, Bitcoin's price plummeted, but in 2023, it has made a strong recovery. This has renewed confidence in Bitcoin's long-term potential. As of mid-April, Bitcoin's price had risen by more than 60% year-to-date, reaching $30,000.

According to Glassnode, Bitcoin's Net Unrealized Profit/Loss (NUPL) indicator was 0.27 at the time of publication. This means that the network was in a state of profit overall.

However, despite the price surge, many holders did not sell their coins. This is an interesting trend.

Some analysts believe that this is because Bitcoin holders are becoming more resilient. They are not easily swayed by price fluctuations. They are also moving their coins off exchanges, which suggests that they are not planning to sell them anytime soon.

The percentage of Bitcoin that has been held for more than a year has also reached record highs. This suggests that long-term holders, also known as "diamond hands," believe that Bitcoin's price will continue to rise.

However, there are some signs that the narrative may be changing. According to data from Santiment, there has been a significant outflow of coins from large addresses. This suggests that some whales, or investors who hold large amounts of Bitcoin, may be selling their coins.

At the time of writing, Bitcoin was trading at $27079. The market sentiment was mixed, with some investors feeling bullish and others feeling anxious. This suggests that the current accumulation phase could continue for some time without a major price correction.

Overall, the Bitcoin market is in a state of flux. It is unclear whether the current trend of hodling will continue or whether we will see a sell-off in the near future. Only time will tell.