Despite tepid market sentiment, Bitcoin [BTC] holders were not letting go of any opportunity to add to their stacks.
Bitcoin accumulation goes unabated
Wallets holding between 1-10,000 BTCs upped their accumulation game over the past six weeks, according to data from on-chain analytics firm Santiment. More than 71,000 coins were pocketed by the mid to large size user cohort in the said time period.
With the latest grab, the total supply in the control of this group hit 15.2 million, the largest since January 2022. In fact, the holdings were within striking distance of the all-time high of 15.29 million, set during the bull market’s top in November 2o21.
Bullish on Bitcoin’s long-term outlook?
The unrelenting appetite for Bitcoin was fueled by belief in its fundamental value. On the price front, the king coin has remained range bound for majority of 2023. However, investors’ attention has shifted from wild intraday movements to an asset that could bring long-term stability.
Furthermore, it is a well-known strategy in which long-term investors use bear market lows to accumulate fundamentally strong assets.
One could argue that this trend mainly represented comparatively big investors who had enough wherewithal to easily purchase Bitcoins. However, this was not true.
Data from Santiment revealed that addresses between 0-0.1 BTC, often dubbed as retail investors or general public, grew steadily since the start of 2o23. This underlined a palpable confidence in Bitcoin ownership.
A look at BTC’s price move
At the time of writing, BTC exchanged hands at $27,649.03, up marginally from its value 24 years ago, as per Santiment. During the week, the king coin topped $28,000 for the first time in more than six weeks.
However, the ecstasy was short-lived as BTC clawed back towards the $27,000 region after a few trading hours. Most market participants have pinned their hopes on developments around spot Bitcoin ETFs for a meaningful impact on the price.
Meanwhile, in line with earlier observations, BTC’s Supply on Exchanges continued to plummet. At about 1.12 million, just about 5.74% of BTC’s circulating supply was available for trading.