A leading crypto analytics firm says one particular investor class has been accumulating Bitcoin (BTC) since September.
In a new tweet, Glassnode shares a chart indicating smaller addresses with 100 Bitcoin or less have generally been buying BTC for the past six months, while addresses with 10,000 BTC or less have been accumulating since December.
The largest Bitcoin whales, addresses with more than 10,000 BTC, started accumulating in the middle of February, according to Glassnode’s heatmap chart.
Bitcoin is trading at $44,258.00 at time of writing, up more than 17% in the past seven days. The top-ranked crypto asset by market cap is up more than 2% from where it was priced 24 hours ago.
Glassnode also notes on Twitter that Bitcoin’s number of non-zero addresses reached an all-time high of 40,276,163 on Sunday. The previous record of 40,275,801 was set on February 5th.
“Bitcoin BTC Number of Non-Zero Addresses just reached an [all-time high] of 40,276,163
Previous ATH of 40,275,801 was observed on 05 February 2022.”
Additionally, the firm says the percentage of Bitcoin’s supply that is in profit shot up from 65% to 75% on Monday.
“Over 10% of the Bitcoin supply has returned to profit today.
This gives an indication of the volume of BTC that was accumulated during the recent consolidation range.”