Bitcoin touched a high of around $52,000 on Wednesday for the first time since September 7. Since March 2021, the price of the world’s largest cryptocurrency has seen massive fluctuations after BTC dropped to nearly $29,000 in July 2021. Despite the recent spike in volatility, long-term Bitcoin holders have accumulated BTC in large quantities over the past seven months.
According to recent data published by Glassnode, one of the leading on-chain analytics platforms, long-term Bitcoin holders have added approximately 2.35 million coins to their holdings since March 2021. On the other hand, only 180,000 Bitcoins were mined during the mentioned period. August and September saw a sharp increase in the total accumulation of long-term bitcoin holders.
Long-term Bitcoin holders have added 2.35 million BTC to their stacks since their supply dipped in March. In the same period, only 180 thousand bitcoins were mined. This means that LTHs have accumulated 13 times as much coins as the new issue over the past seven months,” Jan & Yann, founders of Glassnode, She said on Twitter.
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Bitcoin whales
One of the main drivers of the recent surge in the total holdings of Bitcoin holders in the long run is the accumulation of BTC whale addresses. “Bitcoin whale traders holding between 100 and 10,000 BTC accumulated 70,000 bitcoins 10 days ago, the largest day of accumulation for this group since July 2019. Unsurprisingly, prices gradually returned to over $51,000 as whales did not appear. No sign of unpacking yet” highlighted.
Large BTC transfers have also surged since BTC touched the $50,000 price level. According to Whale Alert, a crypto whale account transferred 2,000 bitcoins worth over $100 million from digital exchange platform Binance to cryptocurrency wallet Xapo on Tuesday, October 5 at 19:21 UTC.
Bitcoin is approaching a market cap of $1 trillion. The most valuable digital asset in the world is currently trading above the $51,000 price level. The value of the cryptocurrency has increased by more than 20% in the past seven days.
