Bitcoin (BTC) holders looking to hold on to their digital tokens for the long term have made a big splash over the past month. On-chain data shows that wallet addresses with little to no activity over the past month have accumulated a record $23 billion worth of Bitcoin.
This level of accumulation reflects an unprecedented spike, which may indicate that major players are positioning themselves behind the scenes.
More than 400,000 Bitcoins purchased
Ki Young Ju, founder and CEO of crypto analytics firm CryptoQuant, noted the buying frenzy surrounding so-called “permanent holder” wallet addresses on social media platform X yesterday.
These are wallet addresses that often only have incoming transactions and little to no outgoing transactions, indicating a clear long-term strategy. These addresses, which hold Bitcoins that are unlikely to hit the market anytime soon, have acquired an astronomical total of 404,448 Bitcoins over the past 30 days. As can be seen in the attached chart from Ju, this is much higher than the usual accumulation over the past few years.
Since 2021, there have only been a few peaks where more than 100,000 Bitcoins were accumulated in a month. Earlier this year, when Bitcoin surpassed its 2021 all-time high of $69,000, there was also an unprecedented peak of more than 300,000 Bitcoins purchased among permanent holder wallet addresses.
While the blockchain offers a great deal of transparency, it’s difficult to know who’s behind these identified wallet addresses. However, Ju is “pretty sure there’s something going on behind the scenes,” and told his 360,000+ followers that we’ll know which big players have made their move within a year.
Andere bullish on-chain Bitcoin data
Last Monday, Ju also shared some other bullish developments that are currently underway.
First of all, the analyst wrote that the capitulation among Bitcoin miners seems to be finally coming to an end. When miners capitulate, they sell their accumulated Bitcoin stocks to cover their costs. This logically has a negative effect on the BTC price, so it is good news when the capitulation phase ends.
Ju also mentioned the absence of retail investors, which indicates the bull market is far from over, as well as the reduced selling pressure among older Bitcoin whales.
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Source: https://newsbit.nl/bitcoin-langetermijnhouders-slaan-grote-slag-kopen-voor-23-miljard/
