Bitcoin (BTC) accumulation approaches a new milestone this Christmas as the redistribution of the BTC supply continues.
Data from on-chain analytics firm Glassnode shows that the total BTC balance of so-called “accumulation addresses” is nearing all-time highs.
BTC addresses donating from “HODL only” are approaching a million
Behind the scenes of the 2022 Bitcoin bear market, certain entities are in no doubt about their BTC investment strategy.
According to Glassnode, Bitcoin accumulation addresses are more numerous than ever, while the balance of BTC they contain is near all-time highs.
“Accumulation addresses are defined as addresses that have at least 2 incoming transfers and have never spent funds”explains the description of the signature.
Glassnode adds that exchange and miner-owned wallets are excluded from the count, as are addresses last active more than seven years ago, as the funds they contain could be lost, i.e. permanently out of circulation. .
Despite this, the accumulation addresses contained a total of 3,099,828 BTC as of December 25.
This number is getting closer and closer to the all-time high of 3,403,280 BTC recorded in August 2015. Since Christmas 2021, the balance of accumulation addresses has increased by around 18%.
As of December 25, 2022, there were a total of 793,591 qualified accumulation addresses.
Selling “bullish” whales?
Meanwhile, a separate analysis by on-chain analytics platform CryptoQuant argued that despite large holders reducing their exposure to BTC, the overall long-term trend remained bullish.
“Large holders (whales) selling to smaller holders (retailers) is what you really want to see if you believe in the long-term Bitcoin thesis. Bitcoin is distributed more on the network. It is in the hands of more investors than in the of a few whales. And that alone is a good thing.”wrote contributor Maartunn in part of a blog post on December 21.
“On the lower time frame, this is still an ongoing risk. But in a broader perspective, I’m pretty sure this is healthy for the bitcoin network as a whole.”
The accompanying graphs showed changes in the Unspent Transaction Outflow (UTXO) value, with transactions worth between 0.1 and 1 BTC rising markedly in Q4.
As Cointelegraph reported, a spike in the number of small BTC wallets occurred as a result of the FTX implosion with users rushing to remove the coins from custodial exchanges.
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