Bitcoin Accumulation near Record 60%

For the national currency, the leading growth factors are the strong economy of the state, high demand for goods abroad, international authority and citizens’ confidence in the future. Being a decentralized currency, Bitcoin lacks a national binding, so the main driving force for it is the faith of the community, the degree of distribution and recognition of cryptocurrencies.

Since Bitcoin is recognized as a store of value even by leading analytical agencies, the main metric for it is the accumulation of coins. The more people believe in further price increases, the more actively they hold Bitcoin on wallets. According to the latest data from the Glassnode agency, the share of coins that have been without movement for a year again exceeds 60%.

The longer the coins remain motionless, the colder colors they are displayed on the chart. Each subsequent correction (whether it is a 2018 or 2021 sale) causes a smaller influx of supply to cryptocurrency exchanges, as fewer coins change hands. Mining continues, but 90% of all coins have already been mined.

Due to the predominance of hodl sentiment, cryptocurrency exchanges are experiencing an outflow of funds at a rate of 42.9 thousand.

BTC per month

However, the fact of accumulation and faith in a bright future is not enough to move from correction to growth. The year 2022 has prepared several challenges for investors at once – these are the tightening of monetary policy by leading regulators, the escalation of the conflict on the Russian-Ukrainian border, and the growth of global inflation.

Statistics also indicate not in favor of an early exit from the current correction. So, according to Peter Brandt’s estimates, Bitcoin takes from 21 to 40 months to update the historical maximum.

If Brandt is right, then we won’t see the next ATH (all time high) until August 2023.

For the national currency, the leading growth factors are the strong economy of the state, high demand for goods abroad, international authority and citizens’ confidence in the future. Being a decentralized currency, Bitcoin lacks a national binding, so the main driving force for it is the faith of the community, the degree of distribution and…

For the national currency, the leading growth factors are the strong economy of the state, high demand for goods abroad, international authority and citizens’ confidence in the future. Being a decentralized currency, Bitcoin lacks a national binding, so the main driving force for it is the faith of the community, the degree of distribution and…