In a recent report from Bitfinex, it was revealed that more than 68.45% of the total Bitcoin supply, or 13.27 million of the 19.4 million existing BTC, has been dormant for over a year.
This growing trend is a strong indication of a shift in attitudes towards Bitcoin ownership. Another important indicator highlighting the long-term accumulation trend is the milestone reached this week, as the number of addresses holding 1 BTC crossed the 1 million mark.
The data suggests that these investors have gradually increased their holdings since mid-2021, with little or no apparent reversal in the upward trajectory of their 1-BTC wallets.
This trend becomes even more pronounced in 2022 amid a downturn in the market, leading to a 20% increase in this group.
Bitfinex reiterated its previous analysis that Bitcoin may be in the early stages of a bull market, as long-term Bitcoin holders remain undeterred despite the current market downturn.
The upward trend in long-term holdings, combined with the emergence of whales and the benefit of increased transaction fees for miners, paints a picture of a resilient Bitcoin ecosystem.
The data provides insights into the evolving landscape of Bitcoin ownership and the market sentiment around it.
With a significant portion of the total supply remaining unchanged for more than a year, this suggests that more and more investors are taking a long-term approach, showing confidence in Bitcoin’s future.
These steadfast holders contribute to the stability of the cryptocurrency ecosystem as the market fluctuates.
Additionally, the increase in addresses holding 1 BTC indicates a growing user base and increased interest from retail investors.
Passing the 1 million milestone marks a noteworthy achievement and demonstrates the growing accessibility and appeal of Bitcoin to a wider audience.
Bitfinex’s report reveals a long-term Bitcoin accumulation growth trend, with more than 68.45% of the total supply stagnant for more than a year.