Diar has published an analysis of the crypto market that suggests the number of wallets holding between 1,000 and 10,000 bitcoin (BTC) saw a sharp increase since the crypto market bottomed this winter, indicating significant accumulation during the price dip.
Diar writes: “Over 26% of circulating supply, $36Bn worth of Bitcoin, now sit in addresses that have a balance of 1000–10k BTC. In August 2018 when Bitcoin was also at $8000, these ‘Firm Size’ addresses held under 20% of the circulating supply showing a sharp accumulation of nearly 7% in less than a year.”
Since the crypto market’s recent bottom in December 2019 — when bitcoin traded as low as $3,200 — bitcoin accumulation to Firm Size tier wallets has tallied to $450,000 — the most rapid growth among any tier of wallet addresses, as Diar’s data indicates.
According to Diar’s statistics, the total value of these Firm Size wallets now totals $6 billion more than in August 2018. It also emphasizes the fact that the bitcoin analysed in these addresses is neither forgotten nor lost, with the majority of it having been actively moved within the past three months.
The report also notes that since the start of 2019 around 40% of the bitcoin that had been newly minted through inflation has been accumulated by Firm Size wallets. This is equivalent to over 100,000 BTC.
And as Cointelegraph says: “Even more noteworthy is the long-term trend of apparent accumulation by Firm Size addresses: since the beginning of the crypto bear market in January 2018 — after which around 955,000 BTC has been newly minted through inflation — these addresses have reportedly consolidated half of the new market supply.”
Adamant Capital also predicted that in April the bear market was entering its final phase, noting that bitcoin whales were accumulating the top coin in a pattern that echoed the 2014–2015 bear market.