The expansion of Bitcoin HODLer addresses is presently at a 3.5 year high, adding 22% year-on-year
According to Glassnode, Bitcoin addresses currently control 2,851, 608 BTC, or 15% of the total supply. BTC accumulation addresses are currently at a 3.5-year high, an increase of 22% year-on-year. Just last week, 80,000 BTC were moved to accumulation addresses.
Bitcoin addresses now control a whopping 2,851,608 BTC
Accumulation addresses are unique BTC addresses with at least two non-dust transfers and without hints of having spent before.
The move happens when Bitcoin price moves in the $ 10,000 range, hovering between $ 30,000 – at the lower end and around $ 42,000 – BTC’s all-time high, demonstrating a stronger belief in the cryptocurrency market.
Glassnode ruled out addresses that last operated seven years ago to regulate lost funds and affect addresses held by exchanges and mining farms.
According to the recent trend, the people who have the biggest influence on the price of BTC are the institutions. Public companies, including Grayscale and MicroStrategy, have helped maintain the spot BTC price.
Despite their influence, Bitcoin miners keep a large amount of BTC and regularly liquidate to maintain their operations. Their locations are trackable and the discount on their activity helps to create an accurate picture of the hodlers.
3/ Specifically, the #BTC supply held by the smallest participants (shrimp + crab) has increased by 130% since 2017, the 2nd smallest (octopus + fish) by 14%.
Large entities (dolphins + sharks, whales + humpbacks) have decreased their $BTC holdings by -3% and -7%, respectively. pic.twitter.com/kF2DHS9qDT
— Rafael Schultze-Kraft (@n3ocortex) February 2, 2021
According to Byte Tree data, BTC miners are net sellers, liquidating more than 2,000 BTC per week for the past five weeks. However, their actions have minimal impact on Bitcoin price.
Read more:
- Glassnode: The Number Of Bitcoin Whales – Some Wallets Holding Over 1,000 BTC – Hit A New ATH At 2,472 Wallets
- Bitcoin Price Has Dropped By Nearly 4% To Below $ 36,848, Dragging Many Other Large-Cap Cryptocurrencies