Long-term Bitcoin ($BTC) holders have kept on accumulating the flagship cryptocurrency at a rapid pace, despite the current sideways market that has seen BTC’s volatility plunge over time as it stays around the $27,000 mark.
According to data from blockchain analytics firm Glassnode, long-term Bitcoin holders have been accumulating approximately 50,000 BTC, worth over $1.35 billion, every month for at least 155 days.
The figures comes from the firm’s HODLer net position change metric. The metric measures how fast wallets that keep coins for at least 155 days are increasing their cryptocurrency holdings. Currently, long-term holders own more than 14.859 million Bitcoin, which is 76% of the available BTC supply, according to the data.
Backing up this data, popular cryptocurrency analyst Ali Martinez recently cited data from on-chain analytics firm Santiment on the microblogging platform X (formerly known as Twitter), noting that BTC whales have purchased around 20,000 BTC since the beginning of October, adding roughly $550 million to their stashes.
According to Glassnode, the Bitcoin blockchain is experiencing a noticeable coin dormancy pattern. Dormant coins are the ones that have not been moved for a long time, indicating a lack of supply in the market and opening up the possibility for a significant price increase if a supply shock is to occur.
As CryptoGlobe reported Arthur Hayes, the former CEO of BitMEX, recently predicted that the price of BTC will reach a valuation between $750,000 and $1 million by the year 2026.
He attributed this bullish forecast to a variety of economic factors, including government intervention, inflation, and the state of the global economy.
Recently, however, analyst Nicholas Merten warned his substantial following that Bitcoin could see a significant decline if the U.S. economy enters a recession. He attributes this potential fall to the Federal Reserve’s hawkish stance, which he believes could lead to a prolonged economic downturn in the United States.
Featured image via Unsplash.
