Bitcoin Accumulation Addresses Now Hold 2.9M BTC, Surpassing the Reserves of General Electric

CryptoQuant analyst Burak Kesmeci's recent report revealed a significant notable rise in Bitcoin accumulation addresses, which now surpasses 2.9 million BTC.

A recent report by CryptoQuant analyst Burak Kesmeci has revealed a significant increase in Bitcoin accumulation addresses, a trend that began in 2023 and shows no signs of slowing down.

As of January 2024, these accumulation addresses, defined as those that have never had a Bitcoin outflow and belong to individual or institutional investors, held 1.5 million BTC. However, in just 10 months, that figure nearly doubled, reaching 2.9 million BTC.

This rapid accumulation in such high quantities is a relatively new phenomenon, according to Kesmeci. Back in 2018, accumulation addresses only held 100,000 BTC. By the 2021 bull run, that number had grown to 700,000, highlighting the accelerating pace of accumulation in 2024.

The analyst attributes this accumulation to long-term investors, both individual and institutional, displaying increasing confidence in Bitcoin’s future. These investors are not concerned with short-term market volatility and are instead focused on the long-term growth potential of the primary cryptocurrency.

“These addresses have steadily increased their holdings without selling despite the market’s uncertainty, doubling their Bitcoin reserves in just 10 months,” wrote the analyst.

If this trend continues, these addresses could hold more than 3 million BTC by the end of 2024, which at a Bitcoin price of $70,000 would be worth over $210 billion. According to the CryptoQuant analyst, this would place the total value held in these addresses above major corporations like “General Electric the 61st largest company by market cap.”

This accumulation could significantly impact Bitcoin’s price stability and future growth. If the large holders remain committed to their positions, the market may see reduced selling pressure, which could help drive a sustained price rally in the long term.

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