Addresses accumulating continue to buy even as prices reach record highs. The real market capitalization chart shows that accumulation entities are ready to invest large amounts of capital at these high price levels.

From 2023-2025, real market capitalization increases from ~$20B to ~$160B, Bitcoin supply held rises from ~800K to ~3M BTC. The average purchase price per BTC for accumulating addresses increases significantly, but the accumulation rate does not decrease. This is strong evidence of buying with high confidence regardless of price increases.

By the end of 2024, the gap between the real market capitalization of retail and whales expands:

- Large investors accelerate average dollar cost at higher price levels.

- Retail accumulation continues to increase but cannot compare to the investment of large entities.

- This difference is a classic signal of smart money preparing for supply shocks in the next market cycle.

Market impact:

1. Supply pressure

Removing BTC from circulating supply into non-selling addresses creates gradually increasing supply pressure, which may become clearer after periods of market volatility.

2. Confidence through volatility

Continuous accumulation through both declining and rising price phases reflects significant confidence from holders regardless of short-term price fluctuations.

3. Future supply dynamics

If this accumulation trend continues, a large portion of Bitcoin's fixed supply will be held by long-term entities, potentially amplifying the impact of future supply shocks.