As a seasoned crypto investor with over a decade of experience in this volatile market, I find the recent accumulation of Bitcoin by these ‘patient and bold’ addresses quite intriguing. The fact that they have never sold off their holdings and continue to amass BTC, even during market downturns, is a testament to their long-term vision and faith in the digital gold.
A significant amount of Bitcoin wallets that have never transferred Bitcoin before are amassing the primary cryptocurrency at a record rate. These wallets now hold approximately 2.9 million Bitcoins, which equates to roughly $194 billion in value as of this moment.
According to a recent report, analyst Burak Kesmeci from CryptoQuant observed that approximately 1.5 million Bitcoin were stored in “accumulation wallets” at the start of the year. This number has almost doubled, rising significantly over the past ten months.
The analyst noted that these addresses have been steadily accumulating Bitcoins, showing no signs of selling, and instead remain committed to long-term investment, having not experienced any Bitcoin outflows yet.
Based on the analysis, these Bitcoin wallets contain a minimum of 10 Bitcoins each and are distinct from cold storage wallets used by exchanges. Instead, they appear to be owned by individual or institutional investors who have carried out at least two transactions and have been active within the last seven years.
Kesmeci also mentioned that in 2018, these addresses were storing approximately 100,000 Bitcoin, and since then, this amount has continued to increase significantly, eventually reaching an impressive 700,000 during the 2021 bull market surge.
This year, significant growth has been observed in Bitcoin as it approaches the 3 million mark, an estimate that analysts suggest could be reached before the year ends. If Bitcoin’s value increases to $70,000 by December 31st, its total market value would surpass the capitalizations of major corporations like General Electric, given its current holdings.
This year, the U.S. Securities and Exchange Commission (SEC) gave the go-ahead for Bitcoin spot exchange-traded funds (ETFs) to start operating in the country. So far this year, these ETFs have attracted more than $20 billion collectively, with BlackRock’s iShares Bitcoin Trust (IBIT) taking the lead by pulling in $22.4 billion.
Year-to-date, only two Bitcoin Exchange-Traded Funds (ETFs) are experiencing withdrawals: the Hashdex Bitcoin ETF (DEFI), which has seen a total of $1.79 million leave, and Grayscale’s GBTC, with a significant outflow of $20.1 billion.
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2024-10-23 03:48