Long-term bitcoin (BTC) investors, better known as “hodlers”, are currently increasing their holdings. Precisely they have been doing this since the beginning of the year, allowing accumulation to prevail since then.
According to data from the browser Glassnode, hodlers are recording an inflow of more than 15,000 bitcoins per month (BTC/month). Such a figure is now equivalent to 436 million dollars (USD).
It is worth mentioning that this does not mean that hodlers have necessarily added 15,000 bitcoins to their wallets in the last month, but refers to the pace (or speed) of accumulation.
To understand it better, an analogy could be made with the “km/hour” of a car’s speedometer.
This behavior reflects that bitcoin accumulation continues to prevail among hodlers over sales, as seen in the graph below. Still, it is worth noting that this trend has slowed slightly, as inflows of more than 40,000 BTC/month were previously recorded this year.
This accumulation trend has occurred while the price of bitcoin showed a strong uptrend. So far this year, it is up more than 75%, according to scout TradingView. At the time of this writing, the cryptocurrency is trading at USD 29,000 and, according to some analysts, it could continue to appreciate.
Prior to this outlook, hodlers showed the opposite behavior to the current one. When the cryptocurrency hit its lows near USD 15,000 at the end of last year, bitcoin outflows prevailed among hodlers, as shown in red in the chart.
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