A new report claims that bitcoin has been in an accumulation cycle for nearly two years, with 14 percent of the current supply being held by accumulation addresses.
According to research compiled by on-chain analytics firm Glassnode, bitcoin has been in an accumulation phase for most of the last two years with a clear upward trend being established over the last several months.
Glassnode reports that 2.6 million bitcoin (14 percent of the total supply) is currently being held in “accumulation addresses.” The analytics firm defines accumulation wallets as addresses that have at least two incoming transactions and have never spent bitcoin.
In addition to the Glassnode report, bitcoin has been showing bullish indicators. According to data compiled by Bitinfocharts, bitcoin’s network hash rate has hit an all-time high of 156.8 EH/s.
While the price for BTC appears to have hit resistance around $11,500, hash rate has historically served as an indicator for bullish price movements ahead.
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