Bitcoin Investors Are Treating 2020 as an Accumulation Year: Report

• New Glassnode data reveals long-term bitcoin "hodlers" are using 2020 to accumulate more BTC.
• Data also shows the number of bitcoin whales has increased by nearly 2 percent following last month's halving. 

Bitcoin investors are taking the opportunity to accumulate large amounts of BTC, with a net positive increase on 90% of the days through the first half of the year. 

According to data compiled by on-chain analytics firm Glassnode, “hodlers” have continued to accumulate BTC throughout 2020, even following last month’s halving.

The report claims the “Hodler net position change,” which provides an aggregate of long-term wallet holder behavior, has been positive on 154 of the first 170 days of 2020. Glassnode data shows hodlers have made a net increase of 233,000 BTC to their positions since the start of the year.

HODLers have spent 154 out of 170 days this year accumulating #bitcoin – increasing their positions by ~233k $BTC.Chart: https://t.co/cpNNxJgZ9L pic.twitter.com/qdpG7bKWaw— glassnode (@glassnode) June 18, 2020

The analytics firm also found an increase in the number of bitcoin whales following May’s block reward reduction. According to the latest data, wallets holding at least 1000 BTC saw an increase of roughly 1.5% in both May and June. 

Number of #bitcoin Whales increased 2% since #bitcoinhalving2020.Long-term #bullish trend for Bitcoin.Source: @glassnode pic.twitter.com/u3pIYJbfE4— Double-U (@DoubleU_theory) June 18, 2020

The firm claims the number of BTC whales has now increased to 1840, with a sharp jump occurring in the aftermath of the halving. 

Featured Image Credit: Photo via Pixabay.com