Bitcoin Accumulation Addresses Now Hold 2.9 Million BTC, Worth Around $194 Billion

A number of Bitcoin addresses that have “never had a Bitcoin outflow” are currently accumulating the flagship cryptocurrency at an unprecedented pace

Several Bitcoin addresses that have never recorded an outflow of the flagship cryptocurrency are accumulating BTC at an astonishing rate, currently holding a total of 2.9 million BTC, valued at approximately $194 billion at the time of writing.

According to a report by CryptoQuant, these addresses, identified by analyst Burak Kesmeci, began the year with around 1.5 million BTC, which has nearly doubled over the past 10 months. These addresses, Kesmeci noted, are accumulating "patiently and boldly without selling off their holdings."

As these addresses have never recorded an outflow of BTC, they are likely focused on long-term investment strategies.

To be included in this analysis, addresses must hold at least 10 BTC and not be part of exchange cold storage. These addresses belong entirely to individual or institutional investors that have made at least two transfers and been active at least once in the last seven years.

According to Kesmeci, these addresses held around 100,000 BTC in 2018, with their accumulation increasing steadily over the years, reaching 700,000 BTC by the 2021 bull rally.

This year, however, has seen a significant acceleration in their accumulation, with a potential to reach 3 million BTC by the end of the year, which would place their total holdings above the market capitalizations of major corporations like General Electric, assuming BTC's price reaches $70,000 by year-end.

Earlier this year, the U.S. Securities and Exchange Commission (SEC) approved the launch of spot Bitcoin exchange-traded funds in the country for the first time.

Collectively, these ETFs have attracted over $20 billion in inflows this year, with BlackRock's iShares Bitcoin Trust (NYSE:BITI) leading the pack with $22.4 billion in inflows.

Only two spot Bitcoin ETFs have recorded outflows year-to-date: the Hashdex Bitcoin ETF (DEFI) with $1.79 million in outflows and Grayscale's GBTC with $20.1 billion in outflows.

The featured image is from Unsplash.

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