Record whale accumulation precipitated latest all-time high Bitcoin breakout

Bitcoin's new unequaled highs seem to have been set off by an emotional decrease in dynamic stockpile over late months.

Record whale accumulation precipitated latest all-time high Bitcoin breakout

Bitcoin investors seem like more and more sitting on their arms in hopes of higher prices, with the share of Bitcoin's supply that has remained inactive for the previous three months spiking to a record high of 85%.

On-chain analytics provider Glassnode recognizes the milestone in its Nov 8 "the week on-chain" report concluding: "investors are just not spending their coins."

Addresses that haven't moved their BTC in 12 months, dubbed "long-term holders" (LTH), are among those most actively stockpiling coins - with said addresses transferred just 6,500 BTC every day.

The trend of accumulation doesn't appear to be slowing down, with the share of supply held on centralized exchanges additionally dropping by 12.9% as BTC is increasingly placed into secure storage.

Glassnode reports that more than 5,000 BTC(approx $338.6 million) was withdrawn from centralized trading venues during last week. The report asserted: "The market is likely still in the quiet accumulation phase, punctuated by low activity, large exchange outflows, and very modest strategic spending by experienced holders"      

Bitcoin broke into new all-time highs above $67,000 on Nov 8, with its market capitalization also surpassing that of Tesla and Facebook.

The report notes that increased Bitcoin accumulation of long-term holders served as a precursor to April's earlier BTC all-time high as effectively.

The share of Bitcoin's supply represented by long-term holders touched a high of 80.6% in August 2020 before leading to April 2021's highs of roughly $66,000.

Since the $66,000 value point, LTHs spent 0.73% of the Bitcoin supply, decreasing the quantity of production they held to about 68%.

Read: Kazakhstan Senate approves legislation regulating crypto service providers

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