Key Findings
- Long-term Bitcoin holders (LTHs) have been accumulating since mid-2022.
- LTHs have acquired over 3.1 million BTC, worth approximately $60 billion.
- Accumulation accelerated in November, as the price of Bitcoin began to rise.
- LTHs now control the majority of Bitcoin’s supply, suggesting they have a bullish outlook.
Analysis
The data suggests that long-term Bitcoin holders have been confident in the asset’s long-term prospects. They have been accumulating steadily throughout 2023, even during periods of price volatility. This is a sign of conviction and belief in Bitcoin’s future potential.
The increase in accumulation in November coincided with the start of Bitcoin’s latest price surge. This suggests that LTHs may have been anticipating the rally and were positioning themselves to profit from it.
LTHs now control more than 80% of Bitcoin’s total supply. This gives them significant influence over the markets and suggests that they are likely to play a major role in Bitcoin’s future.
Conclusion
The data clearly shows that long-term Bitcoin holders have been accumulating significantly before the recent price surge. This is a sign of confidence in the asset and suggests that they believe in its long-term potential. As LTHs continue to accumulate, they will likely play an increasingly important role in the markets and shape Bitcoin’s future.
Kind regards,
S. de Vries
