By Omkar Godbole
Long-term investors continue to hoard bitcoin, sucking up market supply and helping the cryptocurrency maintain its broader upward trajectory.
Data provided by Glassnode shows the total balance of bitcoin held in “accumulation addresses” rose to a 3.5-year high of 2,851,608 BTC on Tuesday. That amounts to 15.32% of the total circulating supply of 18,618,081 BTC. The number stood slightly below 14% three months ago.
Accumulation addresses are those that have at least two incoming non-dust transfers (tiny amounts of bitcoin) and have never spent funds. The metric excludes addresses active more than seven years ago to adjust for lost coins and those belonging to miners and exchanges.