As the bitcoin (BTC) whale population remains to grow to a fresh all-time high, hardcore HODLing likewise seems to be on the rise, with coins not moved for at least two years running the highest level since June 2017.
After a couple of months of accumulation by the most extensive bitcoin holders, the number of wallet addresses with more than 1,000 BTC saw another all-time high this week after breaking the prior record from September 2019 of 2,184 addresses, according to BitInfoCharts’ Bitcoin Rich List.
According to the same source, 2,190 bitcoin wallet addresses now hold more than 1k BTC, advising that the most extensive whales on the bitcoin network have firmly been achieving more coins this year.
The conclusion was also shared on Twitter this week by the Cryptounfolded account and a chart exhibiting the number involving the record high.
As earlier reported by CNWN, nevertheless, it has been theorized that the rising number of bitcoin whales could result from weakening exchange balances of bitcoin. Bitcoin exchange balances have fallen for the better part of 2020, reaching yet another yearly low in July of about 2.62 million BTC held on exchanges.
And although skepticism around the exact reasons for the growing number of whales remains, there is also a steadily growing number of addresses defined by the on-chain analytics firm Glassnode as “accumulation addresses.”
According to the firm, all of these have in general that they have had at least two incoming transactions, have never spent any coins, and have been active at one point in the past seven years (to account for lost cash).
According to Glassnode, the number of wallets that fall into this category has reached an all-time high of 508,971.
Meantime, new data from the same firm also showed that the share of the circulating BTC supply that hasn’t moved for at least two years had grown significantly, and now stands at 44%. The higher value indicates that ‘HODLing’ is in no way out of fashion, with Glassnode noting that the metric has increased by ten percentage points from the start of the year.
Expanded long-term HODLing levels are frequently seen as a vital sign for bitcoin and other cryptocurrencies, with the assumption being that these HODLers are more powerful hands that are questionable to sell their coins, indeed in the face of losses.