Originally published at CoinDesk.
The seven-day moving average of the number of addresses holding 10,000 bitcoins or more rose to 111 on Wednesday, the highest level since Aug. 2, 2019, according to blockchain intelligence firm Glassnode. That number has risen by more than 11% since early March.
“The increase in the number of BTC addresses with more than 10,000 BTC is likely the result of long-term holders coming back online to expand their holdings,” said Matthew Dibb, co-founder of Stack, a provider of cryptocurrency trackers and index funds.
Increased interest from long-term holders and large investors could be associated with the bullish narrative surrounding the macro factors and the upcoming reward halving.
“Some of these addresses may belong to high-net-worth individuals or groups, who are diversifying into bitcoin amid the ongoing coronavirus pandemic and ahead of the mining reward halving, due in the next two weeks,” said Wayne Chen, CEO of Interlapse Technologies and founder of Coincurve, a cryptocurrency purchasing, and spending platform.