On-Chain Highlights
Definition: The number of unique accumulating addresses. An accumulating address is defined as an address that has received at least 2 non-dust transfers and has never spent funds. Exchange addresses and addresses that receive from coinbase transactions (miner addresses) are discarded. Addresses that were last active more than 7 years ago are also omitted to account for lost coins.
Bitcoin accumulating addresses experienced a notable decline in 2024. Historically, these addresses have grown steadily, reflecting the confidence of long-term holders as Bitcoin's price has risen over the past decade.
By 2022, the pool of addresses will exceed nearly 800,000, and will increase further in 2023, reaching a peak of approximately 846,000 in early 2024.
However, after the April halving, accumulating addresses fell sharply, dropping below 815,000 by March. This decline coincided with Bitcoin's price declining from its March highs, suggesting that some holders may have liquidated or reduced their positions as the market adjusted to the new supply situation.
These addresses began to recover slightly in May, and by August, their number stabilized at around 822,000. The overall trend reflects long-term holders adopting a cautious stance amid a volatile post-halving environment.
