Long-term thinking Bitcoin investors seem to have taken advantage of the recent price drop to increase their cryptocurrency portfolios. The number of long-term bitcoin addresses has hit a record high.
The number of savings addresses rose to 545,115, breaking a record for the seventh day in a row on Monday, according to Glassnode data.
That number has risen by 16,445 since May 8th – a sign that long-term owners are persistent as bitcoin fell from $ 58,000 to $ 30,000.
The balance held at accumulation addresses increased by 30,000 in the same time frame, reaching a two-month high of 2.79 million BTC.
Glassnode defines backlog addresses as addresses that contain at least two incoming transfers (small amounts of bitcoin) and have no exit. Essentially, these are long-term savings addresses.
Over-the-counter (OTC) markets have also seen significant upsurges in the past two weeks, pointing to bottom-up demand from institutional investors.
On Monday, OTC markets, followed by Glassnode, recorded 11,883 exits, the highest since the beginning of September.
However, entries into the OTC markets wallet also rose to a 5.5-month high of 12,392 on Monday. Entries indicate an intention to sell but do not imply immediate liquidation.
Bitcoin price is currently at $ 37,350 and is down 3.7 percent from yesterday’s closing price.