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It appears that large Bitcoin addresses have been accumulating upwards of 50,000 BTC every month and show no signs of slowing down.
The latest data suggests that Bitcoin’s recent bullish stint has excited large scale investors. Whales have been accumulating copious amounts of BTC in anticipation of a larger rally. Also, there’s an almost 38 percent increment in Bitcoin addresses holding more than $1 million worth of BTC.
Bitcoin Hodler Net Position Change Remains Positive
Data from on-chain analysis and crypto market insights provider, Glassnode suggests that Bitcoin’s recent rally hasn’t induced much of a selling reaction from long-term investors.
Bigshot market participants are holding tight and eagerly waiting to reap greater profits from further BTC rallies. What Glassnode says is evident from the ‘Bitcoin Hodler Net Position Change’ metric, which has remained positive since March-end. Furthermore, investors have been accumulating more than 50,000 BTC every month.
Adamant Capital was the first to introduce this metric, which provides an idea of the investment sentiment and ‘changes in saving behavior’ within the Bitcoin ecosystem. To quote the exact definition:
Hodler Net Position Change shows the monthly position change of long term investors (HODLers). It indicates when HODLers cash out (negative) and when net new positions are accumulated by HODLers.
Apart from this, another metric is hinting at the rising dominance of ‘strong hands’ in the Bitcoin market.
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