Bitcoin (BTC) accumulation is approaching a new record as Christmas celebrations around the world continue to redistribute. Data from on-chain analytics firm GlassNode shows that total Bitcoin balances for so-called pool addresses are near an all-time high.
According to GlassNode, more bitcoin addresses are aggregating than ever before, while the bitcoin balances they contain are at nearly a record high, Coin Telegraph reported.
The company description states: Aggregation addresses are defined as addresses that have at least 2 large conversions and have never spent money.
(GlassNode) adds that exchange wallets and those belonging to miners are excluded from the number along with active addresses whose last activity was more than seven years ago, as the funds they contain can be permanently lost from trading.
Despite this, the pool addresses contained a total of 3,099,828 BTC as of December 25th. This number is getting increasingly close to the all-time high of 3,403,280 BTC seen in August 2015. Since Christmas 2021, the pool address balance has increased by around 18%. As of December 25, there were a total of 793,591 eligible aggregation titles.
For its part, on-chain analytics platform CryptoQuant argued in a separate analysis that despite large cryptocurrency holders reducing their exposure to Bitcoin, the overall long-term trend remained bullish.
Contributor Marton wrote in a blog post on Dec. 21: The biggest coin holders (whales) selling to smaller holders (individuals) really want to want to know if you believe in the long-term future of Bitcoin. Bitcoins are also becoming more distributed on the network, by more investors than by a small group of whales. And that's a good thing.
Marton added: In the lower time frame, this is still an ongoing risk. But in the larger perspective, I am very confident that this is the solution to a healthy Bitcoin network in all respects.
The accompanying charts showed changes in the value of unspent transaction output (UTXO), with the value of transactions between 0.1 BTC and 1 BTC increasing significantly in the fourth quarter.
As Cointelegraph reported, the spike in smaller bitcoin wallet numbers came as a result of the FTX crash, with users rushing to remove coins from custodial exchanges.
