Glassnode: Bitcoin accumulation reaches 3-month high

In a notable development within the cryptocurrency market, Bitcoin accumulation has reached a three-month high, according to data from on-chain analytics firm Glassnode. The surge in accumulation suggests growing confidence among investors despite the recent volatility in Bitcoin prices.

Glassnode’s analysis reveals that long-term holders are significantly contributing to this trend, as approximately 75% of Bitcoin is currently held in illiquid addresses—wallets that spend less than 25% of their incoming coins​ (Tokenist)​​ (Blockworks)​.

This indicates a strong holding sentiment, with investors opting to retain their Bitcoin rather than sell it amid market fluctuations.

Several factors are contributing to this accumulation trend. Firstly, the anticipation of Bitcoin’s upcoming halving, expected in approximately three months, has sparked increased interest. Historically, halvings have led to significant price increases as the supply of new Bitcoins decreases by half, creating a supply crunch​ (Blockworks)​.

Additionally, the recent stability in Bitcoin’s 90-day volatility, despite external market disruptions, has further bolstered investor confidence​ (Tokenist)​. This stability is seen as a positive indicator for long-term growth, encouraging more investors to accumulate and hold their Bitcoin.

Overall, the current accumulation trend underscores a bullish outlook for Bitcoin as market participants prepare for potentially significant price movements leading up to the halving event.

Share this content:

Post Comment

You May Have Missed