Bitcoin’s wild ride in May has proven to be a buying opportunity for long-term investors—and the number of HODLers has been rising steadily.
Data from Glassnode (as reported by Coindesk) shows the number of accumulation addresses—an address that has at least two notable incoming Bitcoin transfers, but has never spend funds—has increased by 16,445 since May 8.
Cumulatively, those accounts have added a total of 30,000 Bitcoin since that date. At the current price, that puts the value at $1.15 billion worth of the cryptocurrency. And the actual price could be much more, as Bitcoin has peaked at over $58,000 in that time.
The total number of accumulation addresses hit a record Monday, coming in at 545,115. Cumulatively, those long-term holders have collected 2.79 million Bitcoin.
Institutional investors have also been buying on the dip, the founders of Glassnode noted in a Tweet last week.
Once again strong insti dip buying.
— Yann & Jan (@Negentropic_) May 20, 2021
Bitcoin—and all cryptocurrencies—have had a rocky month. News that China plans to crack down on digital currencies, along with comments from Elon Musk and others have caused prices to dip precipitously. Bitcoin has tumbled from nearly $65,000 in mid-April to nearly $30,000 at one point this month.
Bitcoin again plunged last weekend, but Bulls convinced followers to buy and the price yo-yo'd from $31,133 to over $35,000 fairly quickly. There’s some question how long people will be able to buy, though, as 30% of Bitcoin holdings were underwater as of May 19, according to Goldman Sachs.
This story was originally featured on Fortune.com