Bitcoin (BTCUSD)

[Investors3]

Number of Bitcoin Holders Shoots to Record High, Data Shows
Investors with long-term horizons seem to be accumulating cheaper coins.
May 25, 2021 at 6:27 a.m. EDT
Updated May 25, 2021 at 7:59 a.m. EDT

Number of Bitcoin Holders Shoots to Record High, Data Shows
The number of bitcoin (BTC, +0.97%) addresses in accumulation has risen to a record high as investors with long-term horizons take advantage of the recent price drop to boost their coin stashes.

* The count of accumulation addresses climbed to a record for the seventh
consecutive day on Monday, taking the total to 545,115, according to
Glassnode data.

* The number has increased by 16,445 since May 8 – a sign of
persistent bargain hunting by long-term holders during bitcoin's
slide from $58,000 to $30,000.

* The balance held in accumulation addresses has jumped by 30,000
during the same time frame, hitting a two-month high of 2.79 million
BTC.

* Glassnode defines accumulation addresses as ones that have at least
two incoming non-dust (tiny amounts of bitcoin) transfers and have
never spent funds. Essentially, these are long-term holder
addresses.

* Over-the-counter (OTC) desks have also seen substantial outflows
over the past two weeks, signifying dip-demand from institutional
investors.

* On Monday, OTC desks tracked by Glassnode registered an outflow of
11,883, the most since early September.

* However, inflows to OTC desks wallet also spiked to a 5.5-month high
of 12,392 on Monday. Inflows indicate an intention to sell but do
not imply immediate liquidation.

* Bitcoin is currently trading near $38,000, representing a 2% drop on
the day, according to CoinDesk 20.

https://www.coindesk.com/number-of-bitcoin-accumulation-addresses-hit-record-high