According to CoinMeta, as reported by Bitfinex, the price of Bitcoin once fell below $58,000 from $82,000, but long-term holders continued to make net additions to their holdings. As selling pressure eased, the pace of net additions by long-term holders slowed down, with about 40,000 BTC added in late May and around 14,000 BTC added in late July. Bitfinex believes that the current market is in a stabilization phase, rather than a recovery phase.