More than 68.45% of the total Bitcoin supply, or 13.27 million of the 19.4 million existing BTC, has remained idle for more than a year, according to a recent Bitfinex report. This upward trend is a strong indicator of a change in views about Bitcoin ownership. The milestone reached this week, when the number of addresses holding 1 BTC exceeded the 1 million mark, is another crucial signal illuminating the long-term accumulation tendency.
The data indicates that since mid-2021, these traders have gradually increased their holdings, with little to no clear reversal in the rising trend of their 1-BTC wallets. In 2022, during a downturn in the economy, this tendency becomes even more obvious, leading to a 20% increase for this group.
As long-term Bitcoin investors continue to trade the cryptocurrency unabated despite the current market dip, Bitfinex reaffirmed its prior assessment that Bitcoin might possibly be in the early stages of a bull market. A robust Bitcoin ecosystem may be shown in the increased trend in long-term ownership, the rise of whales, and the benefit of higher transaction fees for miners.
The data provide insights into the changing landscape of Bitcoin ownership and the market’s attitude towards it. A significant chunk of the overall supply has remained stable for more than a year, which indicates that more traders are adopting a long-term strategy and showing faith in the future of Bitcoin.
Due to market volatility, these loyal holders help keep the Bitcoin ecosystem stable. Additionally, the increase in addresses owning one bitcoin indicates a growing population and increased interest from retail traders. The passing of the one million mark is a notable accomplishment and shows the growing use and appeal of Bitcoin to a larger audience.
According to Bitfinex’s research, there has been a long-term growth trend in Bitcoin accumulation, with more than 68.45% of the total supply remaining unchanged for more than a year.