Bitcoin Accumulationis Heating
Unspent transaction outputs (UTXO) for Bitcoin have reached an all time high, a marker that many observers are treating as yet another sign that people are once more accumulating the cryptocurrency. The year 2019 has been increasingly billed as the period of accumulation for Bitcoin holders, and this is just the latest in a series of growing indications that this is in fact the case.
UTXOs are simply outputs on the Bitcoin blockchain that have yet to be spent as inputs. The last time they were in a peak was towards late 2017 and early 2018 at the height of a frenzied Bitcoin market, and they hit rock bottom in mid-2018 but have been picking up since.
Twitter user fil₿fil₿ shows a chart showing the steadily rising level of UTXOs.
UTXOs have now surpassed all time highs and stepped up in 2019; the accumulation is real. pic.twitter.com/1o98KbLieU
— fil₿fil₿ (@filbfilb) March 28, 2019
Earlier this year, it was noted that the top 100 rich list addresses for Bitcoin had been growing even bigger, a sign that the world’s richest bitcoin holders have taken the opportunity of low prices to add to their already significant holdings. The same was also observed with Ether, with Bitcoin News reporting on Diar’s research figures that Ether whales had increased their holding by four-fold since 2017.
Despite all the positive signs for both Bitcoin and Ether, however, neither asset has been able to show strong bullish patterns in the market. At time of writing, Bitcoin is making a fresh surge towards $4,100 as it resumes another bid to break resistance levels at this current price zone, while Ether appears to be testing resistance just above the $140 mark.
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