A recent report by CryptoQuant analyst Burak Kesmeci revealed that Bitcoin accumulation addresses have increased significantly and now exceed 2.9 million BTC.
These addresses steadily increased their holdings without selling despite market uncertainty, doubling their Bitcoin reserves in just 10 months.
This trend highlights broader market sentiment, with long-term investors, both retail and institutional, expressing confidence in Bitcoin's future.
Bitcoin accumulation will increase in 2024
In a post uploaded to the CryptoQuant QuickTake platform, Kesmeci's analysis digs deep to understand what defines these accumulation addresses and why they have been so active throughout 2024.
Contrary to typical investor behavior, the analyst said no Bitcoin was ever leaked from these addresses, only accumulated. Analysts call these the epitome of long-term investment strategies, suggesting they are fully committed to the “HODL” mentality. Keshmechi writes:
These are not exchange addresses. These belong entirely to individual or institutional investors. They have been through at least two transfers and have been active at least once in the past seven years. Essentially, these addresses embody the word “hodl”.
As of January 2024, these accumulation addresses hold 1.5 million BTC. However, in just 10 months, that number nearly doubled to 2.9 million BTC.
Kesmeci points out that while this kind of accumulation behavior is not new, what makes 2024 unique is the speed and volume with which these addresses will grow.
According to the report, such large and continued accumulations mean that short-term market volatility does not affect these holders. Kesmeci also highlights that back in 2018, the accumulation address only held 100,000 BTC.
By the 2021 bullish period, that number had increased to 700,000, and its acceleration in 2024 was notable. This rapid accumulation suggests that these addresses have deep confidence in Bitcoin's long-term value and potential. Kesmeci asks, “What are these addresses that the owner knows that other companies in the market don't?”
What does this mean for the market?
The analyst concluded with a bold prediction. By the end of 2024, these addresses could hold over 3 million BTC, potentially worth over $210 billion at a Bitcoin price of $70,000.
Notably, according to CryptoQuant analysts, this puts the total amount held at these addresses ahead of larger companies like “General Electric, the 61st largest company by market capitalization.” , it highlights the growing influence and strength of long-term Bitcoin holders.
Keshmeshi emphasizes that this type of accumulation is possible. make a big impact Bitcoin price stability and future growth. If this trend continues, there could be less selling pressure in the market as these large holders continue to hold on to their positions, potentially fueling sustained price increases in the long run.
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