Bitcoin turned higher this week, recording a modest 2% gain. While the largest crypto asset continues to languish below several key levels, the holders’ accumulation over the past several weeks suggests that it is “increasingly being used as a buy-and-hold asset.’”
According to Bitfinex’s latest report, over 68.45% of the total supply, amounting to 13.27 million of the 19.4 million BTC in existence, have not moved in over a year.
This growing trend of investors holding strongly demonstrates a changing attitude towards Bitcoin ownership.
Another important indicator that underlined the prevailing trend of long-term accumulation is the number of ‘Wholecoiner’ addresses crossing the one million mark this week.
These Wholecoiners can be defined as entities or individuals possessing at least one entire BTC and constitute a substantial segment of the Bitcoin community.
Data indicates that these investors have been gradually amassing since mid-2021, and there has been almost no notable reversal in the upward trajectory of 1-BTC wallets ever since.
The trend became even more pronounced in 2022 as the market plunged, and this cohort saw a 20% increase as a result.
Reiterating its previous analysis that Bitcoin could be in the early stages of a bull market, Bitfinex added,
“Despite the current market downturn, long-term Bitcoin holders remain undeterred. The increasing trend of long-term holding, coupled with the rise of Wholecoiners and the benefit to miners from increased transaction fees, paints a picture of a resilient Bitcoin ecosystem.”