In the crypto world, Bitcoin has proven to be a resilient and attractive asset for investors over time. Despite challenges and market uncertainty, Bitcoin holders are not willing to miss any opportunity to strengthen their positions.
This has been demonstrated in a recent report revealing that Bitcoin investors, both large and small, are accumulating this crypto in their portfolios at an impressive pace.
According to data provided by the on-chain analytics firm Santiment, Bitcoin holders with holdings ranging from 1 to 10,000 BTC have increased their holdings by more than 71,000 coins over the last six weeks. This has raised the total in the hands of this group to 15.2 million Bitcoin, the highest figure since January 2022. These figures are on the verge of reaching the all-time high of 15.29 million set during the bull market peak in November 2021.
What’s even more interesting is that this trend is not limited to large investors. Addresses holding smaller amounts, even between 0 and 0.1 BTC, have been steadily growing throughout the year. This suggests that even retail investors and the general public are demonstrating palpable confidence in Bitcoin ownership, recognizing its long-term fundamental value.
The motivation behind this ongoing accumulation seems to be belief in the fundamental strength of Bitcoin and its potential to provide long-term stability. Despite the relative price stability of Bitcoin in 2023, investors are setting aside intraday fluctuations in favor of a long-term view. In bearish market times, the strategy of accumulating solid assets like Bitcoin becomes even more attractive, and investors are seizing this opportunity.
Regarding the price of Bitcoin
BTC has experienced some volatility in recent weeks, briefly reaching $28,000 before retreating to the $27,000 region. Investors are eagerly awaiting news regarding Bitcoin exchange-traded funds (ETFs), hoping they could have a significant impact on the price.
Furthermore, the consistent decrease in Bitcoin’s supply on exchanges is a factor contributing to accumulation. Currently, only about 5.74% of Bitcoin’s circulating supply is available for trading, suggesting a growing scarcity of the crypto in the market.
