Bitcoin addresses have fluctuated between accumulation and dumping over the past few months. But an important fact is that there has been consistent growth in 2023 even though the market is less than a week into the new year. The important cohort here are bitcoin addresses holding more than 10 BTC in their balances.
Small bitcoin investors want a bigger stake
According to a chart posted to Twitter by Glassnode Alerts, the number of Bitcoin addresses holding more than 10 BTC in their balance has hit a new two-year high. This cohort of investors had previously declined, particularly as the digital asset’s price had suffered multiple dips and falls.
Still, this cohort regained optimism about Bitcoin in late 2022. As early as December 30, just one day left for the year, the number of addresses holding 10+ BTC had hit a new two-year high of 155,283 addresses after a significant jump, but just a week later it would climb to a new two-year high of 155,286 .
Addresses holding more than 10 BTC hit two-year high | Source: Glassnode
A look at the chart above shows how much it has risen over the last month. This leads to a roughly 4% increase in the number of investors who meet this criterion, and it’s not the only one seeing such growth.
Another cohort, addresses holding more than 1 BTC in their balances, also saw huge growth in the new year. This time it reached a new all-time high with 979,707 addresses, after being around 800,000 addresses at the end of 2022.
What accumulation could mean for BTC
Despite Bitcoin’s size making it harder to move alone with such accumulation trends, the fact that addresses holding 1+ and 10+ BTC have seen such growth undoubtedly has a positive impact on the digital asset. When the price of the digital asset itself wasn’t moving, elevating investor sentiment during such bleak times had a positive impact on the price.
BTC price at $16,727 | Source: BTCUSD on TradingView.com
In the last 7 days, the price of Bitcoin is back in the green, up 1.39% according to data from Coinmarketcap. Losses in digital assets over the past day have also slowed to just 0.56%. This means BTC is still able to hold the support above $16,600 while keeping the bears at bay.
BTC is currently changing hands at a price of $16,730 at the time of writing. Trading volume over the last day is down 6.83% to $14.4 billion.
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