- Accumulation address cohorts now hold 4.37 million BTC, up from roughly 2 million BTC in early 2024, according to CryptoQuant community data.
- Bitcoin’s network activity index climbed to 3,600, crossing its 365-day moving average for the first time since December 2024 and entering “bull-phase” territory not seen since April 2025.
- US President Donald Trump and Iran’s Supreme National Security Council agreed on a two-week ceasefire on Tuesday.
Long-term Bitcoin holders increased accumulation as a US-Iran two-week ceasefire eased one of the main geopolitical pressures on global risk assets.
According to CryptoQuant data, Bitcoin (BTC) held by accumulating address cohorts has more than doubled since early 2024, when those wallets controlled about 2 million BTC.
As of April 7, 2026, that figure had reached 4.37 million BTC, even though Bitcoin remained below US$70,000 (AU$101,500) through the first quarter.
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Network Activity Flips Bullish
CryptoQuant’s Bitcoin network activity index rose to 3,600 from 3,320 on March 22 and moved above its 365-day moving average, a threshold it had not cleared since December 2024. According to the platform’s analysts, that shift marks the first return to bull-phase conditions since April 2025.
At the same time, one measure of active address momentum dropped to -0.25 on April 6, its weakest reading since April 2018. CryptoQuant contributor Gaah said the apparent contradiction reflects a change in who is using the network.
Rather than being driven by short-term traders, activity is increasingly dominated by longer-term holders focused on accumulation, which can reduce visible transaction momentum even as conviction strengthens.
But The War Is Far From Over
The on-chain shift coincided with a temporary de-escalation in the Middle East. Iran’s Supreme National Security Council confirmed on Tuesday that it had accepted a two-week pause in hostilities, while making clear the agreement did not amount to a final end to the war.
President Donald Trump announced the suspension before his stated deadline and tied it to the full reopening of the Strait of Hormuz. Keep in mind this route normally handles about one-fifth of global oil flows.
Iranian Foreign Minister Seyed Abbas Araghchi said Iran would halt defensive operations if attacks stopped and would work with its armed forces to ensure safe passage through the strait. Talks are due to begin Friday in Islamabad after Pakistani Prime Minister Shehbaz Sharif urged the extension.
With more than 1,900 reported deaths in Iran since the conflict began on Feb. 28, the ceasefire remains fragile, but it has reduced immediate pressure on market positioning heading into mid-April.
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