Record accumulation of whales leads to recent Bitcoin outbreak at all-time high

Bitcoin investors seem increasingly on the lookout for higher prices, with the percentage of bitcoin dormant supply rising to a record high of 85% in the past three months.

The online analytics provider Glassnode identified an important milestone in November.The week onchain“Report, conclusion:” Investors simply do not spend their money. “

Addresses that have not moved their BTC for 12 months, so-called “Long-Term Holders” (LTH), are among the most active hamsterers – with addresses that are said to have moved only 6,500 BTC a day.

The accumulation trend does not seem to be slowing as the proportion of supply held on centralized exchanges also drops to a record low of 12.9% as BTC is increasingly securely stored.

Glassnode reports that over 5,000 BTC (about $ 338.6 million) were withdrawn from central exchange locations in the past week. The report confirms:

“The market is likely to remain in a period of quiet accumulation punctuated by low activity, large foreign exchange cash flows, and very modest strategic spending by seasoned owners.”

Bitcoin hit a new all-time high of over $ 67,000 on November 8, with its market cap also outperforming Tesla and Facebook.

Related: BTC price “ready for recovery” with Bitcoin Bulls clearing for $ 85,000 analysis

The report notes that an increase in bitcoin accumulation by long-term holders served as a precursor to BTC’s previous all-time high in April.

The market share of the Bitcoin supply represented by long-term owners peaked at 80.6% in August 2020, before peaking at around USD 66,000 in April 2021.

Since the price point of $ 66,000, LTHs have consumed 0.73% of the Bitcoin supply, reducing their supply to around 68%.

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