The current Bitcoin Market is dramatic indeed, according to Glassnode, a Crypto Analytics Firm.

Glassnode reports that the current market is likely to be made up of long-term holders and accumulators.

The number of Bitcoin transactions and active market participants remains down after the 50 percent-plus corrections in May - a bearish sign.

BTC is now trading at USD 42,952,26 at writing, after an all-time high (ATH) of over 64 000 USD in April.
Presently, BTC is down 10% compared to the past two weeks (based on CoinGecko stats).

Glassnode also noted that holders had reached an all-time low.

“We also can see that the relative supply held by short-term holders has reached an rock bottom of 20% of circulating supply.
This is a rare occurrence that has historically described the late-stage accumulation periods of bear markets by the smarter money.”

Despite the reduced participation in the Bitcoin protocol, the analytics firm asserts that some elements of the current market composition are unique.

"Despite relatively low on-chain activity and variety of market fractals resembling bearish conditions, there remains an undertone of utmost HOLDing and accumulation behavior. This is somewhat unique to the present market cycle and may be a dynamic worth keeping an eye fixed on.”

Read the full report here