Bitcoin accumulation addresses near record 800K despite whale selling
Bitcoin (BTC) accumulation is nearing a new milestone this Christmas as redistribution of the BTC supply continues.
Data from on-chain analytics firm Glassnode shows that the total BTC balance of so-called “accumulation addresses” is nearing all-time highs.
Behind the scenes in the 2022 Bitcoin bear market, certain entities are in no doubt over their BTC investment strategy.
According to Glassnode, Bitcoin accumulation addresses are more numerous than ever before, while the BTC balance they contain is almost at a record high.
“Accumulation addresses are defined as addresses that have at least 2 incoming non-dust transfers and have never spent funds,” the firm’s description explains.
Glassnode adds that exchange wallets and those belonging to miners are excluded from the tally, as are addresses last active more than seven years ago, as funds they contain could be lost — permanently cut off from circulation.
Despite this, accumulation addresses contained a total of 3,099,828 BTC as of Dec. 25.
That number is increasingly closing in on the all-time high of 3,403,280 BTC seen in August 2015. Since Christmas 2021, the accumulation address balance has increased by around 18%.
As of Dec. 25, 2022, there were a total of 793,591 qualifying accumulation addresses.
Meanwhile, separate analysis from on-chain analytics platform CryptoQuant argued that despite larger hodlers reducing their BTC exposure, the overall long-term trend remained bullish.
Related: Bitcoin exchange withdrawals sink to 7-month low as users forget FTX
“Larger (whales) holders selling into smaller holders (retail) is really want YOU want to see if you believe in a longer-term Bitcoin thesis. Bitcoin becomes more distributed on the network. It is on the hands of more
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