Glassnode: BTC VDD multiple remains low, Bitcoin is still in the accumulation range

Glassnode's latest report shows that the VDD multiple for Bitcoin (BTC) continues to remain in a low range, indicating that the market is still in an accumulation phase. The current market state reflects limited spending by long-term holders and low distribution pressure, which is seen as a positive signal.

Glassnode points out that the market is digesting previous price increases in a "structurally constructive manner," a pattern that is typically viewed as healthy market behavior. Note: The VDD multiple (Value Days Destroyed Multiple) is an important on-chain metric for Bitcoin that measures the ratio of short-term spending velocity to the long-term average. This metric helps investors understand market behavior and potential trends.