- BTC accumulation continues at over 27,000 per month.
- BTC price was in an uptrend, but MACD showed a bearish divergence.
Recent data has shown that despite Bitcoin [BTC] reaching its current price, the enthusiasm to accumulate it has remained strong. In addition, as the number of coins collected continued to grow, there was a noticeable decrease in distributions. This indicated a significant increase in hodling behavior.
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The accumulation of bitcoins continues
Glassnode’s analysis of the Bitcoin Hodler Net Position Change clearly showed that holders engaged in a powerful accumulation. Looking at the chart, it became clear that at the end of December, BTC distribution came to a halt and accumulation took precedence.
This accumulation trend strengthened around February, albeit with a subsequent decline. But even with this decline, one thing remained undeniable: the accumulation continued.
Source: Glassnode
At the time of writing, the holders are firmly entrenched in an accumulation regime, steadfastly absorbing an impressive monthly rate of over 27,000 BTC. The chart also revealed that holders have gathered across different price ranges and are defying market trends. This behavior has persisted even as Bitcoin is on an upward trajectory, further highlighting holders’ unwavering commitment to accumulating this digital asset.
2 years of last active BTC are running out
Glassnode’s analysis found that a growing portion of the Bitcoin supply is inactive, indicating a notable lack of on-chain movement. The supply last active chart, which tracks BTC last active between a year and five years ago, showed that more and more coins are entering this category.
Source: Glassnode
Notably, the last active chart over two years showed a more substantial addition of coins. At the time of writing, this particular chart accounted for over 55.6% of the supply, highlighting a clear and ongoing trend. The only age group to exceed this rate was the one-year-plus chart. It sat at over 69%, indicating a higher concentration of long-idle coins.
The supply at profit overshadows the supply at loss
The continued price trend appeared to be in favor of the majority of holders as indicated by the supply in the earnings chart. As of that point, of the approximately 19 million BTC in circulation, with a total delivery limit of 20 million, more than 15 million were currently in profit, while about 4 million remained in a state of loss. In particular, the chart highlighted that the upward trajectory of earnings started in January.
Source: Glassnode
It is worth noting that the supply in profit and loss is inversely correlated, as each Bitcoin must fall into one of these categories.
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These delivery regions are subject to change as spot prices fluctuate, exceed or fall below the price stamp associated with each unspent transaction output (UTXO) in the UTXO set.
At the time of writing, Bitcoin (BTC) was trading at around USD 30,800, showing a marginal daily increase of less than 1%. While the price chart showed an overall upward trend, the Moving Average Convergence Divergence (MACD) indicated a bearish divergence at the time of observation.