- The balance of BTC accumulation addresses increased by 93% in 2024 and now stands at $194 billion.
- Does the massive holding strategy predict further price appreciation for BTC?
Based on investor behavior in 2024, the HODLing strategy appears to have become the most preferred Bitcoin [BTC] investment approach.
According to facts According to CryptoQuant’s analyst Burak Kesmeci, BTC accumulation addresses now hold 2.9 million coins. That’s worth more than $194 billion, an increase of almost two times (93%) compared to investments in January.
“In January 2024, these addresses held only 1.5 million Bitcoins, but within ten months that amount had almost doubled. They patiently and boldly continue to accumulate without selling their property.”
Source: CryptoQuant
Is it a bullish signal?
To put the massive accumulation into perspective, in 2018 BTC accumulation addresses only contained 100,000 coins. Fast forward to the 2021 bull run, addresses topped 700,000 coins.
However, Kusmeci noted that the real growth occurred in 2024, with a whopping 93% jump from 1.5 million in January to 2.9 million.
Is it a bullish signalwhich perhaps signals that holders were expecting further BTC price appreciation?
It is worth noting that the US spot BTC ETFs debuted in January 2024, and the resulting optimism may have led to the surge in BTC accumulation address holdings.
As of October 18, the products contain 961,000 BTC, worth more than $65 billion.
Source: CryptoQuant
The optimism following the approval of the US spot BTC ETF was reflected in a surge in US investor demand for the asset in the first quarter of 2024, as evidenced by the spikes (green) in the Coinbase Premium Index.
The renewed optimism saw BTC reach an all-time high (ATH) above $73,000 in March. Will the trend repeat?
At the time of writing, investor interest in the fourth quarter was lower than the huge demand in the first quarter. That said, BTC was valued at $66.3K, around 11% from March’s ATH.
Source: CryptoQuant