Bitcoin “Never Sellers” Surge: 2.9M BTC Held as Price Soars to $69K

Major investors are accumulating Bitcoin as bullish sentiment grows.

Bitcoin continues to rally, recently surpassing $69,000 amid growing optimism in the market, with the Crypto Fear and Greed Index hitting 70, signaling bullish sentiment. Accumulation addresses—wallets that have never sold any Bitcoin—now hold around 2.9 million BTC, according to Burak Kesmeci, a verified analyst from CryptoQuant.

Kesmeci highlighted that these accumulation addresses have seen their Bitcoin holdings grow nearly 50% year-to-date. This trend of long-term holding has gained significant momentum, especially during price surges. Back in 2018, only 100,000 BTC were stored in such addresses, a figure that has since skyrocketed.

The major surge in accumulation occurred during the 2021 bull market, which saw Bitcoin reach $68,300. However, the most significant growth in 2024 saw the number of Bitcoin held by accumulation addresses double from 1.5 million at the start of the year to 2.9 million BTC currently. Kesmeci believes this represents the embodiment of the “hodl” philosophy, as these addresses have remained dormant for years, with no ties to exchanges.

The recent Bitcoin rally comes as the market anticipates a decision from the U.S. Securities and Exchange Commission (SEC) regarding Bitcoin spot exchange-traded funds (ETFs). Following the approval of spot Bitcoin ETFs earlier this year, Bitcoin set a new all-time high, reaching $73,000 in March, according to CoinGecko data.

The CryptoQuant analyst suggests that if this accumulation trend continues, Bitcoin held by long-term investors could surpass 3 million BTC by the end of the year, potentially valuing their holdings at over $200 billion. This would place these addresses’ combined value on par with major corporations.

Corporate Bitcoin Stashes and ETFs Push Growth

Public companies are also increasingly holding Bitcoin in their reserves. Data from Bitcoin Treasuries shows that public companies now hold 363,166 BTC, while private firms hold 403,301 BTC as of October 21. MicroStrategy, led by Bitcoin advocate Michael Saylor, remains the largest corporate holder, with over 250,000 BTC, worth nearly $40 million at current prices.

Saylor has consistently advocated for Bitcoin and plans to acquire more using various capital market instruments. He has even envisioned turning MicroStrategy into a “Bitcoin bank,” with predictions that Bitcoin could reach millions of dollars per coin, pushing MicroStrategy’s valuation to as much as $1 trillion.

Alongside corporations, several Bitcoin ETFs have been aggressively buying Bitcoin. U.S. spot Bitcoin ETFs, which launched earlier this year, have already accumulated nearly 1 million BTC and are on track to reach the milestone of holding 1 billion in Bitcoin. These ETFs are now approaching the number of Bitcoins held by Bitcoin’s anonymous creator, Satoshi Nakamoto.

Future Outlook: Bullish Sentiment But With Caution

Bitcoin recently traded at $67,500, down slightly after hitting $69,500 earlier this week. While the flagship cryptocurrency saw some correction, wiping out last week’s gains, market sentiment remains largely positive. The Crypto Fear and Greed Index, which dropped from 73 to 70, continues to show signs of “greed,” signaling sustained bullish momentum.

However, analysts remain cautious. Some warn that external factors, such as the upcoming U.S. presidential election and global geopolitical tensions, could introduce market volatility. Regulatory action in key markets like the U.S. also poses a potential risk for Bitcoin’s price stability.

With major institutional players like MicroStrategy and ETFs driving demand and long-term investors continuing to accumulate, Bitcoin’s upward trajectory appears set to continue. However, market participants will need to navigate both the excitement and potential challenges ahead.

photo source / Blockonome