- Bitcoin has grown to a block height of 900,000, confirming its reliability for more than 15 years.
- The rise in Bitcoin accumulations is not helping its price go up because older investors are selling for profit.
- Renewed interest in buying BTCs is a sign of improved investor faith in the market.
Block height of 900,000 has become the most recent significant achievement for the Bitcoin Network. Glassnode reports that the strength and trust in Bitcoin are evident in this milestone, as it indicates that the network has operated perfectly for over fifteen years.
Since 2009, a new block has been added to Bitcoin’s blockchain almost every 10 minutes.
Source: X @Glassnode
Glassnode declared this update on X, pointing out that the Bitcoin network’s stability has not faltered, even as its prices have been highly unpredictable. According to the analytics firm, block height kept increasing through all of the BTC market fluctuations.
Despite More People Accumulating Bitcoin, Its Price Dropped
Many have expressed concern on why BTC’s value keeps falling even when more people are accumulating it. Glassnode pointed out that although more people are buying Bitcoin lately, the impact of older holders selling their BTCs for profit is the possible reason for lack of rise in its value.
Source: @Glassnode
The chart highlights that some investors probably sold their investment after the strong price increases in late May. On May 25th, for instance, the profit for realized BTC hit $1.47 billion because many investors chose to sell their holdings for profits. Such activities cause prices to drop, despite new people joining the market.
Whales and Minor Investors are Stocking Up on Bitcoin Once More
Regardless of the extra pressure from sellers, Glassnode shared that the biggest players are still accumulating the digital asset. According to the data, wallets with at least 10 BTC and those with much less are actively buying Bitcoin.
Source: X @Glassnode
The “accumulation score” or quantity of BTC being stored in these wallets, according to Glassnode, reached 1.0 for these groups. This number shows the most points collected for that metric.
The chart also shows that, after selling was higher for some time, accumulation by all types of wallets is now on the rise once more. This suggests that regardless of the price pressure brought by profit-taking, both people who bought long ago and the ones just purchasing are confident in BTC over the long term.