BTC Accumulation: $268 Million In Bitcoin Shifts To Long-Term Holders

The whales seem to be accumulating Bitcoin these days according to the latest reports. Check out the latest news on the moves that some important players in the crypto space are doing.

It’s been just revealed that an important crypto insights platform is revealing that an investor cohort with little to no history of spending their Bitcoin (BTC) is accumulating BTC to the tune of hundreds of millions of dollars per day.

Glassnode made sure to explain in a new newsletter that long-term holders (LTHs), or entities who are less likely to sell their BTC after holding their stacks for more than 155 days, are accumulating Bitcoin at a rapid rate.

The firm recently explained that the accumulation rate of long-term holders is exponentially higher than the amount of BTC mined per day.

“At present, the LTH market inflation rate is at -10.9%, which means LTHs are currently adding to their balance at 7.6x the rate of issuance.”

Glassnode’s lead on-chain analyst made sure to show the fact that the numbers to illustrate the depth of accumulation by long-term holders.

“With ~900 BTC in mined issuance per day, this means around 6,840 BTC moving into LTH storage daily.”

The crypto market seems to be recovering as we speak, and Bitcoin is trading in the green. At the moment of writing this article, BTC is priced just below $40k.

Not too long ago, Elon Musk had something to say about Bitcoin.

He just admitted to owning Bitcoin, Ethereum, and DOGE. He also said that he is not planning to sell these.

As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.

I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.

— Elon Musk (@elonmusk) March 14, 2022

He was responding to something that Michael Saylor said.