$551,370,000,000 in Bitcoin Now Belongs to Long-Term Holders After Massive BTC Acculumation Spree: IntoTheBlock

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Blockchain analytics agency IntoTheBlock says that long-term Bitcoin (BTC) holders are gobbling up the highest crypto asset to the tune of a whole lot of billions of {dollars}.

In a brand new report, the market intelligence company says that in Q1 2022, buyers who’ve held the highest crypto asset by market cap for at the least a yr kicked off a large accumulation spree that now has them holding practically 12 million BTC, value a few staggering $551.37 billion.

IntoTheBlock notes that long-term holders began their amassing binge proper after Bitcoin hit its all-time excessive close to the tip of 2021.

“Lengthy-term buyers now maintain a document quantity of practically 12 million Bitcoin. This factors to an accumulation part kicking off after long-term gamers had been promoting in the course of the bull market, a sample that has repeated a number of instances with crypto asset possession.

The long-term conviction of those addresses helps ease promoting stress and will help reinforce the assumption of Bitcoin as a retailer of worth.”

Supply: IntoTheBlock

The insights firm additionally finds that despite general turbulence within the US markets, Bitcoin outperformed conventional equities in Q1.

“Bitcoin recovered most of its quarterly losses, whereas the S&P 500 and Nasdaq 100 ended Q1 2022 with returns of -3.4% and -7.65% respectively.”

IntoTheBlock provides that BTC outperforming main inventory indices may imply Bitcoin is beginning to solidify itself as a safe-haven asset.

“In essentially the most unsure instances, Bitcoin crashed together with the remainder of the market however managed to get well sooner.

Bitcoin’s proposition as a worldwide hedge to uncertainty stays unclear, although it’s promising that all through one of many hardest quarters, it outperformed.”

Bitcoin is buying and selling sideways at $46,577 at time of writing.

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