Long-term Bitcoin holders accumulate nearly $450 billion in BTC, according to Glassnode

Steadfast Bitcoin holders have persistently increased their accumulation of the popular cryptocurrency over the past years, as revealed by Glassnode's latest analysis.

image of BTC holders accumulating more of it

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.

a graph illustrating btc long-term holder position change by glassnode
Source: Glassnode/Twitter

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.

a graph showing bitcoin shrimp net position change by glassnode
Source: Glassnode/Twitter

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.