Bitcoin accumulation addresses near record 800K despite whale selling

Bitcoin (BTC) accumulation is nearing a caller milestone this Christmas arsenic redistribution of the BTC proviso continues.

Data from on-chain analytics steadfast Glassnode shows that the full BTC equilibrium of alleged “accumulation addresses” is nearing all-time highs.

"HODL-only" BTC addresses ascent person to 1 cardinal mark

Behind the scenes successful the 2022 Bitcoin carnivore market, definite entities are successful nary uncertainty implicit their BTC concern strategy.

According to Glassnode, Bitcoin accumulation addresses are much galore than ever before, portion the BTC equilibrium they incorporate is astir astatine a grounds high.

“Accumulation addresses are defined arsenic addresses that person astatine slightest 2 incoming non-dust transfers and person ne'er spent funds,” the firm’s statement explains.

Glassnode adds that speech wallets and those belonging to miners are excluded from the tally, arsenic are addresses past progressive much than 7 years ago, arsenic funds they incorporate could beryllium mislaid — permanently chopped disconnected from circulation.

Bitcoin accumulation code equilibrium chart. Source: Glassnode

Despite this, accumulation addresses contained a full of 3,099,828 BTC arsenic of Dec. 25.

That fig is progressively closing successful connected the all-time precocious of 3,403,280 BTC seen successful August 2015. Since Christmas 2021, the accumulation code equilibrium has accrued by astir 18%.

As of Dec. 25, 2022, determination were a full of 793,591 qualifying accumulation addresses.

Bitcoin accumulation addresses chart. Source: Glassnode

"Bullish" whale selling?

Meanwhile, abstracted investigation from on-chain analytics level CryptoQuant argued that contempt larger hodlers reducing their BTC exposure, the wide semipermanent inclination remained bullish.

Related: Bitcoin speech withdrawals descend to 7-month debased arsenic users hide FTX

“Larger (whales) holders selling into smaller holders (retail) is truly privation YOU privation to spot if you judge successful a longer-term Bitcoin thesis. Bitcoin becomes much distributed connected the network. It is connected the hands of much investors different than successful the hands of a fewer whales. And that is lone a bully thing,” contributor Maartunn wrote successful portion of a blog post connected Dec. 21.

“On the little timeframe, this is inactive an on-going risk. But successful the larger perspective, I americium precise assured this is healty for the bitcoin-network arsenic a whole.”

Accompanying charts showed changes successful unspent transaction output (UTXO) value, with transactions worthy betwixt 0.1 and 1 BTC markedly expanding successful Q4.

Bitcoin UTXO worth bands chart. Source: CryptoQuant

As Cointelegraph reported, an uptick successful smaller BTC wallet numbers came arsenic a effect of the FTX implosion with users rushing to region coins from custodial exchanges.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.