A recent report by CryptoQuant analyst Burak Kesmeci revealed a significant increase in Bitcoin stack addresses, which now exceed 2.9 million BTC.
These addresses have steadily increased their holdings without selling despite market uncertainty, doubling their Bitcoin reserves in just 10 months.
This trend highlights broader market sentiment, where long-term investors, both individuals and institutions, are expressing confidence in the future of Bitcoin.
Bitcoin Accumulation Growth in 2024
In a post uploaded to the CryptoQuant QuickTake platform, Kesmeci’s analysis goes deeper into understanding what defines these aggregator addresses and why they were so active during 2024.
Unlike normal investor behavior, the analyst said these addresses never had Bitcoin outflows, meaning they were only accumulating. The analyst calls them the epitome of long-term investment strategies, suggesting that they are fully committed to the “HODL” concept. Kesmeci wrote:
They are not exchange addresses; they are individual or fully institutional investors. They have changed at least twice and have been active at least once in the past seven years. In fact, these addresses are the living embodiment of the word “hodl.”
As of January 2024, these aggregator addresses hold 1.5 million BTC. However, in just 10 months, that number almost doubled, reaching 2.9 million BTC.
Kesmeci points out that this behavior of accumulation is not new, but what makes 2024 different is the speed and volume with which these addresses grow.
According to the report, this consistent accumulation of such high prices means that short-term market volatility does not affect these owners. Kesmeci also highlights that back in 2018, aggregator addresses only held 100,000 BTC.
By the 2021 bull run, that number had grown to 700,000, and by 2024, the acceleration had been remarkable. This rapid accumulation suggests that these addresses are deeply confident in Bitcoin’s long-term value and potential. Kesmeci asks, “What do these addressees know that the market as a whole might be?”
What Does This Mean for the Market?
The analyst concluded with a bold prediction: by the end of 2024, these addresses could hold more than 3 million BTC, which could be worth more than $210 billion at a Bitcoin price of $70,000.
Notably, according to CryptoQuant’s analyst, this will put the total amount stored in these addresses above large companies such as “General Electric, the 61st largest company by market capitalization,” highlighting the influence and growing power of long-term Bitcoin owners.
Kesmeci emphasizes that this type of accumulation can be great impact Bitcoin price stability and future growth. If this trend continues, the market may see reduced selling pressure as these large holders remain committed to their positions, potentially driving a sustained price rally in the long term.
The featured image was created with DALL-E, a Chart from TradingView
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