Over $450 Billion In Bitcoin Have Been Amassed By Long-Term Holders

It has been just revealed the fact that there are some long-haul Bitcoin holders who managed to accumulate loads of money in Bitcoin. Check out the latest reports below.

Long-term Bitcoin holders accumulate BTC

According to crypto analytics firm Glassnode, individuals who have held onto Bitcoin for a significant period of time have been gradually acquiring more of it for almost two years.

In a recent tweet, Glassnode revealed that over 602 days, long-term holders have accumulated 1.01 million BTC, bringing their total supply to 14.47 million BTC, just 20,000 BTC away from the all-time high.

Additionally, addresses with less Bitcoin (referred to as “shrimp” holders) have been quickly acquiring the cryptocurrency, accumulating 33,400 BTC each month.

According to Glassnode, out of the total 5263 trading days, only 130 days have seen a larger monthly position change, which is roughly 2.5%. The shrimp cohort currently holds 1.33 million BTC.

As of writing, Bitcoin is trading at $31,017. The crypto asset with the highest market cap has seen a 1.3% increase in the past 24 hours, around 0.7% increase in the past week, almost 14% increase in the past month, and approximately 87% increase since the beginning of 2023.

Despite the significant gains this year, Bitcoin is still down by about 55% from its all-time high of over $69,000, which it reached in November 2021.

According to economist and crypto analyst Alex Krüger, Bitcoin (BTC) is poised for a potential surge and has ample room for growth.

Krüger recently shared his optimistic outlook in a Wolf of All Streets stream, emphasizing the significance of the BlackRock spot BTC exchange-traded fund (ETF) application.

He also says that technically speaking, Bitcoin has a liquidity air pocket between $31,000 and $37,000 from when crypto markets collapsed last year during the disintegration of the Terra ecosystem.

If BTC convincingly enters that range, Krüger says a rather dramatic rally could ignite.

“We have very strong news [of the] BlackRock Bitcoin ETF, likely being approved. It’s debatable if it’s going to get approved or not – the probability is debatable – the point is right now we have just heard 20% of this news, and the probability is about 50% if not around 75%. So the point is, on the one hand, the market is not positioned right for this. The other point is that the news is huge and not properly priced in yet.”