Bitcoin saw a modest 2% gain this week. Despite lingering below key levels, it appears to be increasingly used as a buy-and-hold asset with holders accumulating over several weeks.
- According to Bitfinex’s latest report, 68.45% of the total supply, equivalent to 13.27 million out of 19.4 million BTC, has remained dormant for over a year. This trend demonstrates a growing attitude towards Bitcoin ownership.
- The number of Wholecoiner addresses crossed the one million mark, indicating a prevailing trend of long-term accumulation. Wholecoiners refer to entities or individuals holding at least one entire BTC and constitute a significant segment of the Bitcoin community.
- Since mid-2021, investors have been gradually amassing 1-BTC wallets with almost no notable reversal in the upward trajectory.
- During the market plunge in 2022, this cohort saw a 20% increase.
- Bitfinex reiterates its previous analysis of Bitcoin being in the early stages of a bull market, with long-term holders remaining undeterred. The trend of long-term holding, coupled with the rise of Wholecoiners and increased transaction fees benefiting miners, paint a picture of a resilient Bitcoin ecosystem.
“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.”