The information provided by crypto data analytics suggests that there has been significant accumulation of Bitcoin by long-term holders, as well as by whale and shark addresses.
Accumulation Phase Spikes
According to Glassnode, Long-Term Holders have amassed over 1.01 million BTC in the past 602 days, bringing the total Long-Term Holder supply to 14.47 million BTC, just shy of the all-time high value of 14.49 million BTC.
Additionally, Santiment reports that whale and shark addresses have collectively accumulated 154.5K BTC in the past seven weeks, coinciding with the news of ETF launches. This suggests that key stakeholders continue to buy Bitcoin, which Santiment believes could justify further cryptocurrency price rises in July.
Furthermore, the fact that wallets holding between 10 to 10K BTC own 13 million BTC, which represents about 67% of the total Bitcoin supply, indicates significant concentration of wealth within a small number of addresses.
Is The Bull Run Close?
The rising accumulation of Bitcoin by long-term holders, along with the continued accumulation by whale and shark addresses, could potentially contribute to the next bull run in the Bitcoin market. However, it’s important to note that the cryptocurrency market is highly volatile and influenced by various factors, so predicting future price movements with certainty is challenging.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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