Gradual Accumulation of Bitcoin by Long-Term Holders Reaches New Milestone, Says Glassnode
According to Glassnode, a prominent crypto analytics firm, long-term holders have been steadily accumulating Bitcoin (BTC) for close to two years. In a recent tweet, Glassnode revealed that over the course of 602 days, these holders have amassed an impressive 1.01 million BTC, bringing their total supply to 14.47 million Bitcoin. This accumulation puts them just 20,000 BTC away from reaching the all-time high.
The report also highlighted the active accumulation of Bitcoin by “shrimp” holders, referring to addresses holding less than 1 BTC. Glassnode noted that these holders have been aggressively accumulating Bitcoin at a rate of 33,400 BTC per month. The shrimp cohort now holds a significant 1.33 million BTC.
It’s worth noting that the monthly position change for Bitcoin has only surpassed the current level on 130 out of a total of 5,263 trading days, which accounts for approximately 2.5% of the observed period. This indicates the extent of the ongoing accumulation trend.
As of now, Bitcoin is trading at $31,017. In the past 24 hours, the top-ranked cryptocurrency has seen a 1.3% increase, while over the past week, it has risen by approximately 0.7%. Remarkably, Bitcoin has experienced a growth of nearly 14% in the past month and an impressive 87% since the start of 2023.
Despite these substantial gains, Bitcoin remains around 55% lower than its all-time high of over $69,000, reached in November 2021. However, the current price level still allows about 75% of BTC holders to be in a profitable position, as reported by crypto analytics firm IntoTheBlock. Additionally, a significant 69% of BTC holders have held onto their Bitcoin for over one year, indicating a strong belief in its long-term potential.
