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

Blockchain analytics firm IntoTheBlock says that long-term Bitcoin (BTC) holders are gobbling up the top crypto asset to the tune of hundreds of billions of dollars.

In a new report, the market intelligence agency says that during Q1 2022, investors who have held the top crypto asset by market cap for at least a year kicked off a massive accumulation spree that now has them holding nearly 12 million BTC, worth about a staggering $551.37 billion.

IntoTheBlock notes that long-term holders started their collecting binge right after Bitcoin hit its all-time high near the end of 2021.

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“Long-term investors now hold a record amount of nearly 12 million Bitcoin. This points to an accumulation phase kicking off after long-term players had been selling during the bull market, a pattern that has repeated several times with crypto asset ownership.

The long-term conviction of these addresses helps ease selling pressure and can help reinforce the belief of Bitcoin as a store of value.”

Source: IntoTheBlock

The insights company also finds that in spite of overall turbulence in the US markets, Bitcoin outperformed traditional equities in Q1.

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

IntoTheBlock adds that BTC outperforming major stock indices could mean Bitcoin is starting to solidify itself as a safe-haven asset.

“In the most uncertain times, Bitcoin crashed along with the rest of the market but managed to recover faster.

Bitcoin’s proposition as a global hedge to uncertainty remains unclear, though it is promising that throughout one of the toughest quarters, it outperformed.”

Bitcoin is trading sideways at $46,577 at time of writing.

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