Bitcoin flows to accumulation wallets continue, with no pressure to capitulate or take profits. Purchases from wallets holding more than 10 Bitcoin have reached their highest levels this year so far.
Bitcoin accumulation addresses have seen rapid inflows in the past few days, despite rising prices. Over 30,000 Bitcoin were purchased and sent to addresses that were very conservative about transferring their coins.
In total, accumulation addresses absorbed $3.3 billion, or 30,754 Bitcoin. Currently, the accumulation, including incidental purchases, encompasses all new coins, depleting reserves from off-exchange trading platforms and exchanges.
The recent buying wave continued even at prices above $109,000. Bitcoin remains in an accumulation phase, despite dipping slightly to $104,578. Accumulation occurs with expectations of a larger rise in 2025, targeting $120,000 next.
Accumulation addresses are relatively old, with an average accumulation price of $64,000. However, newer accumulation addresses are also being added, even as their prices approach their peaks. Based on CryptoQuant data, over 2.91 million Bitcoin are now held in accumulation addresses of varying ages.
In 2025, inflows to accumulation addresses showed a higher baseline level, with more regular accumulation. There is also an increasing trend of buying more Bitcoin, with inflows peaking for this year to date.
Recent data confirms the prevailing trend, as despite nearing peak valuations, Bitcoin investors are not realizing profits. Spot Bitcoin markets still show long-term confidence, despite short-term volatility in derivative trading. The cryptocurrency fear and greed index has dropped to 51 points, indicating a neutral stance, down from recent levels of extreme greed. However, spot Bitcoin accumulation can continue under different market conditions.
■▪︎Bitcoin accumulation is bolstered by treasury rhetoric
Recent Bitcoin purchases represent a mix of anonymous Bitcoin investors and prominent corporate buyers. Previous trends have shown that retail activity was minimal above $90,000 per Bitcoin, with most accumulation coming from Bitcoin investors and other large wallets containing between 100 and 1,000 Bitcoin. Corporate buyers and funds can also afford to continue absorbing Bitcoin even near peak prices.
Treasury bonds already contain 3.41 million Bitcoin, with active purchases from some of their prominent holders last week. Even smaller companies withdrew up to 5,000 Bitcoin from the market in a single day.
Last month, 20 companies added Bitcoin to their public reserves, with more announcements and plans to finance Bitcoin acquisitions through debt or equity.
The concept of strategic Bitcoin reserves has also been reintroduced to cryptocurrency projects. The Polkadot community recently proposed building a tBTC reserve by purchasing cryptocurrencies and holding them long-term.
Part of the Bitcoin accumulation may also be attributed to decentralized finance (DeFi) protocols and other types of collateral wallets. As Bitcoin's value increases, on-chain activity slows down, while some protocols allow users to leverage Bitcoin's value without selling it.
Solana has also become one of the cryptocurrency platforms for Bitcoin. There are now a total of 4,726 BTC held on Solana in the form of tBTC, with a 75% growth for the entire year of 2025. Additionally, Bitcoin storage and other DeFi protocols are stabilizing coins with no intention to sell.
