- Over the past six weeks, the cohort has pocketed more than 71,000 coins.
- BTC clawed its way back to the $27,000 region after reaching $28,000 earlier this week.
Despite lukewarm market sentiment, Bitcoin remains [BTC] holders missed no opportunity to expand their stacks.
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Bitcoin accumulation continues unabated
Portfolios holding between 1 and 10,000 BTCs have upped their accumulation game over the past six weeks, according to data from an on-chain analytics firm Santiment. More than 71,000 coins were pocketed by the medium to large user cohort during the said period.
With the latest hold, the total supply under this group’s control reached 15.2 million, the largest since January 2022. In fact, the holdings were within striking distance of the all-time high of 15.29 million, achieved at the peak of the bull market in 2022. November 2o21.
Source: Santiment
Bullish on Bitcoin’s Long-Term Prospects?
The relentless appetite for Bitcoin was fueled by the belief in its fundamental value. As far as prices are concerned, the king coin has remained in range for most of 2023. However, investor attention has shifted from wild intraday moves to an asset that could provide long-term stability.
Furthermore, it is a well-known strategy where long-term investors use bear market lows to accumulate fundamentally strong assets.
You could argue that this trend mainly affected relatively large investors who had sufficient resources to easily purchase Bitcoins. However, this was not true.
Santiment data showed that addresses between 0 and 0.1 BTC, often referred to as retail investors or the general public, have been growing steadily since the start of 2023. This underlined a tangible confidence in owning Bitcoin.
Source: Santiment
Read BTC price forecast for 2023-2024
A look at the price movement of BTC
At the time of writing, BTC exchanged hands $27,649.03, a marginal increase from its value 24 years ago, according to Santiment. During the week, the king coin reached the $28,000 mark for the first time in more than six weeks.
However, the ecstasy was short-lived as BTC returned to the $27,000 region after a few trading hours. Most market participants have pinned their hopes on developments surrounding spot Bitcoin ETFs for a meaningful impact on price.
Source: Santiment
Meanwhile, in line with previous observations, BTC supply on the exchanges continued to decline. At approximately 1.12 million, approximately 5.74% of the circulating supply of BTC was available for trading.