Steady Growth: Glassnode Analytics Firm Discloses Long-Term Bitcoin Holders’ $450 Billion Accumulation

• Long-term Bitcoin investors have been steadily accumulating Bitcoin, amassing over 1.01 million BTC in the past 602 days, according to Glassnode.
• Bitcoin holders with less than 1 BTC, categorized as “shrimp” holders, have been actively accumulating Bitcoin at an impressive rate of 33,400 BTC a month.

Data from leading crypto analytics firm Glassnode demonstrates an impressive trend among long-term Bitcoin holders: they’ve been gradually but steadily acquiring Bitcoin (BTC) for close to two years.

Consistent BTC Accumulation by Long-Term Holders

The latest report by Glassnode reveals that long-term holders have accumulated an additional 1.01 million BTC in the past 602 days. This accumulation brings their total Bitcoin holdings to an astounding 14.47 million BTC, a mere 20,000 BTC short of the all-time high.

Such persistent accumulation reflects the confidence these long-term investors have in the future value of Bitcoin, even amidst fluctuating market conditions. This firm belief in the long-term profitability of the cryptocurrency appears to be a primary driver behind the persistent Bitcoin accumulation trend.

Interestingly, the accumulation is not just limited to large-scale Bitcoin holders. Glassnode also highlights the aggressive accumulation behavior of “shrimp” holders, a term used to denote addresses that hold less than 1 BTC. These smaller-scale investors have been accumulating Bitcoin at an impressive rate of 33,400 BTC a month, a rate surpassed only on 130 out of a total of 5263 trading days.

As a result of this vigorous accumulation, the shrimp cohort now possesses a substantial 1.33 million BTC. This fervent acquisition illustrates the growing popularity and acceptance of Bitcoin among smaller-scale investors.

At the time of reporting, Bitcoin is trading at $31,017, up by 1.3% in the past 24 hours, around 0.7% in the past week, nearly 14% in the past month, and roughly 87% since the start of 2023. Despite this impressive growth, Bitcoin is still around 55% down from its all-time high of more than $69,000, achieved in November 2021.

Other insights from crypto analytics firm IntoTheBlock reveal that about 75% of BTC holders are currently making money at Bitcoin’s existing price, with 69% of BTC holders retaining their Bitcoin for over a year. This underpins the steady faith long-term holders have in Bitcoin’s value, driving consistent accumulation patterns.