Bitcoin investors (BTC) are treating the year 2020 as a great accumulation opportunity, according to the latest data.
Statistics from the Glassnode chain monitoring resource reveal that BTC’s June price action is creating even more new whales.
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Bitcoin whales increase 2% from halving
Analyzing the number of institutions with 1,000 BTCs or more, both May and June saw an increase of approximately 1.5%.
The number of whales, as defined by this metric, is now 1,840; it has increased sharply in the week following last month’s halving.
On the other hand, Glassnode’s „net position change“ graph shows that of the first 170 days of 2020, Bitcoin inverters were accumulating on 154 of those days.
Despite the wide variation in price action, the mood among long-term investors clearly points to a desire to save, not trade or spend their currencies. The net increase in their positions amounts to about BTC 233,000.
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Bitcoin hodler net position change year to date chart
The graph of the change in the net position of Bitcoin investors from year to year to date Source: Glassnode
„Long-term upward trend“
The trend corresponds to other investor data previously reported by Cointelegraph. In particular, despite price volatility this year, more than 60% of Bitcoin supply remained stationary.
For more than a year, most of the supply remained static, a phenomenon that began in December 2019 and has continued.
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„Long-term upward trend for Bitcoin,“ summarized fellow monitoring resource Double-U on whale numbers.
In late May, one analyst went so far as to suggest that Immediate Edge „build-up phase“ had lasted much longer, from an all-time high of USD 20,000 in December 2017.
However, short-term price performance seems to be a concern for some. Exchange reserves began to rise this week after a long downward trend, in line with the volatility, which caused Bitcoin to briefly fall below USD 9,000.