The amount of Bitcoin addresses in use has risen to a new high as investors with long-term vision take benefit of the recent price drop to increase their coin piles.
The number of accumulation addresses rose to a record for the eighth successive day on Tuesday, taking the total to 546,215, according to data presented by Glassnode.
This number has risen by 17,465 since May 8 – a sign of continued deal hunting by long-term holders during Bitcoin’s slip from over $58,000 to around $30,000.
The balance kept in the so-called “accumulation addresses” has soared by 30,000 during the same time, reaching a two-month high of 2.8 million BTC.
Glassnode describes “accumulation addresses” as such that have had at least two entering “non-dust” transactions and have never sold funds. In essence, these represent long-term holder addresses.
Meanwhile, over the counter (also known as OTC) desks have witnessed significant outflows over the past three weeks, signifying dip-related demand from institutional investors.
Bitcoin is at this time trading at $39,358, scoring a 2.51% rise on the day.
