Cryptocurrency traders accumulated over $ 38 billion worth of bitcoins in October

According to the analytical company CryptoQuant, bitcoin-hoarding addresses BTC $101,005.00 Mezo Wrapped BTC -1.19% Market capitalization $52.94 million VOL. 24 hours $3.21 billion have purchased more than 375,000 BTC over the past month, thus updating the historical maximum in terms of purchase volumes. On November 5 alone, investors added more than 50,000 BTC to their holdings.

Despite the overall slowdown in market demand, the activity of this category of investors has more than doubled over the past two months, from an average of 130,000 to 262,000 BTC per month. CryptoQuant noted that this indicates a strengthening of the long-term trend toward accumulation.

The analysts define the category of «storage addresses» as wallets without outgoing transactions that have made at least two purchases, store a minimum amount of bitcoin, and have remained active for more than seven years. At the same time, the analysis excludes the addresses of centralized exchanges, miners, and smart contracts, which allows us to consider them as typical long-term holders.

Experts suggest that the growth in demand from such investors is partly due to institutional activity, in particular, increased interest in spot bitcoin ETFs. According to them, the volumes of these funds continue to grow steadily.

Earlier, Jan3 founder Samson Moe noted that the current market dynamics do not yet indicate the beginning of a real bull cycle for bitcoin, although the accumulation of coins by major players may be one of its harbingers.