Insights from Onchain Data: Crypto Enthusiasts Accumulate $1.35 Billion in Bitcoin Monthly
According to data from Glassnode, the ongoing accumulation of bitcoin indicates a growing scarcity and a prevailing hesitance to engage in transactions.
Glassnode's metric, the HODLer net position change, reveals that investors who have held coins for a minimum of 155 days are amassing 50,000 BTC (equivalent to $1.35 billion) monthly.
This accumulation has propelled the total BTC holdings of long-term investors to a record high of over 14.859 million BTC, representing 76% of the cryptocurrency's total circulating supply.
Glassnode's recent weekly report highlights that:
"Over +50k BTC per month are currently being Vaulted by HODLers, suggesting both a tightening supply and a widespread reluctance to transact."
The market is undergoing a sustained period of coin dormancy, indicating that coins are being held without being spent on-chain for extended periods. This leads to illiquidity in the market.
Essentially, this trend signals a diminished supply-side pressure, potentially setting the stage for a significant price surge.