Bitcoin has propelled back up over $60,000, hitting new all-time highs in light of the launch of the first several Bitcoin futures ETFs. However, investors may be thinking of the spring when Bitcoin hit its previous all-time high around Coinbase's IPO and then tumbled over 50% in the next couple months. But the context for the relatively high prices today feels different than the euphoria we saw in the spring. A look at on-chain data shows a more positive story than earlier in the year, supporting this thesis.

Accumulation addresses, defined by Glassnode as addresses that have at least 2 incoming non-dust (negligible/spam amounts of BTC) transfers and have never spent funds, have steadily increased since Q1 2021. We think of this metric as a proxy for the confidence of Bitcoin investors.

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About the Author

Martin Gaspar Headshot
Martin Gaspar
Research Analyst

Martin is a research analyst at CrossTower. Martin has several years of experience in conducting fundamental research and cryptocurrency analysis. Prior to joining CrossTower, Martin was a fixed income research analyst at Wells Fargo Securities, where he helped support traders, salespeople, and buy-side clients through his actionable investment recommendations. He has a passion for crypto and has followed the space extensively since 2012. Martin holds a BA from Colorado College, where he graduated with Distinction in Economics.