Accumulation addresses are unique Bitcoin addresses characterized by receiving at least two non-dust transfers and never having spent any funds. These addresses exclude exchange wallets and miner addresses receiving coinbase transactions. Additionally, addresses inactive for over seven years are omitted to account for potential lost coins.
Decline in Bitcoin Accumulation Addresses in 2024
In 2024, Bitcoin’s accumulation addresses have experienced a significant decline. Historically, these addresses steadily increased, demonstrating the confidence of long-term holders as Bitcoin’s value appreciated over the last decade.
Historical Peak of Accumulation Addresses
By 2022, the number of accumulation addresses nearly reached 800,000, and this growth continued into 2023, peaking at around 846,000 by the beginning of 2024.
Impact of Bitcoin Halving on Accumulation Addresses
After the halving event in April, there was a noticeable decline in accumulation addresses, dropping below 815,000 by March. This decrease corresponded with Bitcoin’s price correction from its March highs, suggesting that some holders may have sold or reduced their positions in response to the new supply dynamics.
Stabilization of Accumulation Addresses Post-Halving
In May, a slight recovery began, with the number of accumulation addresses stabilizing around 822,000 by August. This trend highlights the cautious approach adopted by long-term holders in a volatile post-halving market environment.
The post Bitcoin accumulation addresses see steady rise appeared first on CryptoSlate.
