CryptoQuant analyst Burak Kesmeci’s recent report revealed a significant notable increase in the number of Bitcoin accumulation addresses, which now exceeds 2.9 million BTC.
These addresses have steadily increased their holdings without selling despite market uncertainty, doubling their Bitcoin reserves in just 10 months.
This trend highlights a broader market sentiment that long-term investors, both individual and institutional, are showing confidence in Bitcoin’s future.
The Rise of Bitcoin Accumulation in 2024
In the post uploaded to the CryptoQuant QuickTake platform, Kesmeci’s analysis delves deep into understanding what defines these accumulation addresses and why they have been so active in 2024.
Contrary to typical investor behavior, the analyst said these addresses have never had any Bitcoin outflows, meaning they have merely accumulated. The analyst calls them the epitome of long-term investment strategies, suggesting they are fully committed to the ‘HODL’ mentality. Kesmeci wrote:
They are not exchange addresses; they are wholly owned by individual or institutional investors. They have made at least two transfers and have been active at least once in the last seven years. Essentially, these addresses are the living embodiment of the word ‘hodl’.
As of January 2024, these accumulation addresses held 1.5 million BTC. However, in just ten months, that figure has almost doubled to 2.9 million BTC.
Kesmeci points out that this accumulation behavior is not new, but what makes 2024 unique is the speed and volume at which these addresses are growing.
According to the report this is consistent accumulation in such large quantities means that short-term market volatility does not affect these holders. Kesmeci also highlights that accumulation addresses only held 100,000 BTC in 2018.
By the 2021 bull run, that number had grown to 700,000, and in 2024 the acceleration was remarkable. This rapid accumulation suggests that these addresses have high confidence in Bitcoin’s long-term value and potential. Kesmeci asks: “What do these address owners know that the rest of the market may not know?”
What does this mean for the market?
The analyst concluded with a bold predictionBy the end of 2024, these addresses could hold more than 3 million BTC, with a potential value of more than $210 billion at a Bitcoin price of $70,000.
Notably, according to the CryptoQuant analyst, this would put the total value at these addresses above major companies like “General Electric, the 61st largest company by market cap,” highlighting the growing influence and power of Bitcoin holders in the long term.
Kesmeci emphasizes that this kind of accumulation is possible influence significantly Price stability of Bitcoin and future growth. If the trend continues, the market could see reduced selling pressure as these large holders remain loyal to their positions, potentially driving sustained price appreciation in the long term.
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