Long-standing Bitcoin holders have steadily been accumulating more of this popular cryptocurrency for the past couple of years, reveals a new analysis by Glassnode, a reputable crypto analytics firm.
Through a recent tweet, Glassnode confirmed that over the span of 602 days, these stalwart Bitcoin investors have gathered a whopping 1.01 million additional BTC. This brings the total supply of Bitcoin held by this group to an astounding 14.47 million, coming precariously close - just 20,000 BTC shy - of the all-time high for holdings of this group.
The data analysis further illustrated the behavior of a particular group referred to as "shrimp" holders, or those who possess less than 1 BTC in their accounts. This group has shown an aggressive tendency to accumulate Bitcoin. Over the past months, they have been acquiring at a considerable pace of about 33,400 BTC each month.
Glassnode's statistics also show that out of a total of 5,263 trading days, only a meager 130 days - about 2.5% - have seen a larger monthly position change. The so-called shrimp cohort now boasts a notable collective holding of 1.33 million BTC.
At the time this report was prepared, Bitcoin was exchanging hands at $30,700. This leading crypto asset, boasting the highest market cap, has seen almost 13% increase over the past month, and a significant jump of approximately 87% since the start of 2023.
Despite these substantial gains recorded this year, Bitcoin's current value is still about 55% below its all-time high. The record peak of over $69,000 was hit back in November 2021.
Adding to the narrative, another analytics company, IntoTheBlock, sheds light on the profitability of Bitcoin holders. The firm highlights that roughly 75% of BTC holders are currently making profits given Bitcoin's prevailing price. Moreover, they note that a substantial 69% of BTC holders have demonstrated their faith in the cryptocurrency's potential by holding onto their Bitcoin for over a year.