Bitcoin Holders Are Hoarding Like It’s 1999: Is a Price Surge on the Horizon?

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So, it turns out that the Bitcoin investors who are basically the hoarders of the digital currency world are back at it again! đŸ€‘ According to some fancy on-chain data, these “Permanent Holders” are accumulating Bitcoin like it’s the last slice of pizza at a party. And let’s be real, that could mean a price rally is on the way. 🚀

Bitcoin Accumulation Addresses Are Hotter Than Your Ex’s New Partner

In a recent post on X (formerly known as Twitter, because who doesn’t love a good rebranding?), the analytics wizards at CryptoQuant spilled the tea on how the demand from these Permanent Holders is looking. These are the wallets that have never sold a single satoshi. They’re like that friend who only orders appetizers and never shares. 🙄

These Permanent Holders are the ultimate buy-and-hold investors. They’ve got no history of selling, which is kind of like being in a relationship where you only ever get the “I love you” text but never the “Let’s break up” one. And just to clarify, these wallets can’t be linked to miners or exchanges, because those guys are the ones who actually sell stuff. Think of them as the party crashers who bring their own snacks and then eat all your chips. 🍟

Now, check out this chart that CryptoQuant shared, which shows the trend of these hoarders over the last couple of years:

As you can see, these Bitcoin Accumulation Addresses were on a buying spree at the end of 2024, but then in January, they decided to take a little break and their demand dropped faster than my motivation on a Monday morning. đŸ˜©

Clearly, the accumulation from this group was what fueled the bull run, and when they took a step back, it was like watching a balloon deflate. 🎈 But hold onto your hats, because in the last few days, these HODLers have been back in action, locking up supply like it’s a secret vault. 🔒

And guess what? The indicator has shot back above the 30-day simple moving average (SMA) like it’s trying to win a race. CryptoQuant notes that historically, this signals strong confidence and often precedes rallies. So, it’s like the universe is saying, “Hey, maybe it’s time to party!” 🎉

But let’s not kid ourselves; not all of these Permanent Holders will stay “permanent.” One day, they’ll want to cash in on their patience, like that friend who finally decides to sell their vintage Beanie Babies. But for now, it looks like they’re in it for the long haul, which is why buying from Accumulation Addresses is considered bullish. đŸ’Ș

Keep your eyes peeled on this group, because their demand trends could be the key to Bitcoin’s future. If they keep buying, we’re in for a wild ride. If they slow down, well, it might be time to grab some popcorn and watch the drama unfold. 🍿

BTC Price

As for Bitcoin’s price? It’s been as indecisive as a teenager at a buffet, still hovering around the $98,700 mark. Make a decision already, Bitcoin! 😅

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2025-02-08 18:44