Addresses that accumulate continued to buy even as prices reached new highs. The increase in realized capitalization from $20B to $160B between 2023-2025 indicates high confidence in buying, despite rising prices.
The increase in the BTC supply from 800K to 3M during the same period shows that the average purchase price has risen, but accumulation has not slowed down. This signals high confidence in buying.
By the end of 2024, the gap between retail and large capitalization became evident: large holders actively increased their purchases, while retail investors could not match their capitalization.
Market implications:
- Supply pressure: Withdrawal of BTC from circulation creates supply pressure.
- Confidence through volatility: Accumulation during different market phases demonstrates the confidence of holders.
- Future supply dynamics: If trends continue, a significant portion of BTC will be held by long-term holders.
The increase in the BTC supply from 800K to 3M during the same period shows that the average purchase price has risen, but accumulation has not slowed down. This signals high confidence in buying.
By the end of 2024, the gap between retail and large capitalization became evident: large holders actively increased their purchases, while retail investors could not match their capitalization.
Market implications:
- Supply pressure: Withdrawal of BTC from circulation creates supply pressure.
- Confidence through volatility: Accumulation during different market phases demonstrates the confidence of holders.
- Future supply dynamics: If trends continue, a significant portion of BTC will be held by long-term holders.