Bitcoin touched a high of approximately $52,000 on Wednesday for the first time since 7 September. Since March 2021, the price of the world’s largest cryptocurrency saw immense Volatility after BTC dropped to a low of nearly $29,000 in July 2021. Despite the recent surge in volatility, long-term Bitcoin holders accumulated BTC in large amounts during the last 7 months.
According to the recent data published by Glassnode, one of the leading on-chain analysis platforms, long-term holders of Bitcoin have added nearly 2.35 million coins to their holdings since March 2021. Although, just 180K Bitcoins were mined during the mentioned period. Additionally, August and September saw a sharp increase in the overall accumulation of long-term BTC holders.
“Bitcoin Long-Term Holders have added 2.35M BTC to their stacks since their supply bottomed out in March. In that same period, only 180k BTC were mined. This means LTHs have hodled 13x more coins than were produced via fresh issuance over the last 7 months,” Jan & Yann, Co-Founders of Glassnode, said on Twitter.
Bitcoin Whales
One of the key drivers of the recent surge in the overall holdings of long-term Bitcoin holders is the accumulation from BTC whale addresses. “Bitcoin’s whale traders holding between 100 to 10,000 BTC accumulated 70k BTC 10 days ago, the largest day of accumulation for this group since July 2019. Unsurprisingly, prices gradually returned to above $51k as whales show no sign of a dump yet,” Santiment highlighted.
Moreover, large BTC transfers have spiked since BTC touched the $50,000 price level. According to Whale Alert, a crypto whale account moved 2,000 Bitcoin worth more than $100 million from digital exchange Binance to crypto wallet Xapo on Tuesday 5 October at 19:21 UTC.
Furthermore, Bitcoin is getting closer to the $1 trillion market cap. The world’s most valuable digital asset is currently trading above the price level of $51,000. The cryptocurrency is up by more than 20% in the last seven days.
