Long-term Bitcoin (BTC) holders have quietly accumulated 4.37 million coins even as daily network activity fell to levels not seen since 2018.
BTC Accumulation Surges as Active Addresses Decline
According to CryptoQuant data published Apr. 6, the number of active Bitcoin addresses is shrinking at its fastest rate in eight years.
CryptoQuant's active address momentum metric dropped to -0.25, indicating a steep decline in daily user participation.
The reading has stayed negative since July 2025 — a pattern that mirrors a similar stretch in 2024 before a 35% price drop.
But wallets tied to long-term and retail investors have been steadily growing. Accumulating address cohorts now hold 4.37 million BTC, more than double the roughly 2 million held by the same group in early 2024.
Retail-linked addresses alone added approximately 857,000 BTC. Wallets that buy at regular intervals with few outflows grew their combined holdings to nearly 1.30 million BTC. All of this unfolded while Bitcoin's price stayed below $70,000 for the entire first quarter of 2026.
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CryptoQuant Analyst Gaah on Market Structure
The CryptoQuant Bitcoin network activity index supports a more optimistic reading. It climbed to 3,600 from 3,320 on Mar. 22, crossing above its 365-day moving average for the first time since December 2024.
Analyst associate that threshold with a bull phase — the first such signal since April 2025.
Bitcoin has swung through a volatile first quarter of 2026. The price stayed under $70,000 for the entire period before surging to $71,025 at the time of publication, a gain of nearly 4% on the day. That move followed months of subdued trading and low network engagement, suggesting pent-up pressure may now be finding a release.